The Zurich-based bank reported "decent inflows", according to Keefe Bruyette and Woods analyst Matthew Clark, led by the private banking division, which posted inflows of CHF1bn in the second half of the year, "broadly in line with expectations", said KBW.

Of the total CHF 3.9bn inflow of new money in 2008, CHF 2.8bn was attributable to inflows from private clients while the institutional business acquired CHF1.1bn of new client assets.