(Financial) services Private banks increase assets under management to 3.4 trillion francs
Swiss private banks are managing more assets than ever before. And according to an analysis, they were able to earn more overall last year despite declining interest income.
26.06.2025, 11:09
SDA
Private bank assets under management rose to a record 3.4 trillion Swiss francs in 2024, according to a statement issued by the consulting firm KPMG on Thursday. Thanks to positive developments on the financial markets, these increased by 14 percent last year.
Net new money also contributed to growth, although this was relatively low at 72 billion, according to KPMG. The medium-sized private banks in particular succeeded in attracting new client money.
Meanwhile, the takeover of Credit Suisse by UBS apparently did not have a major positive effect: "The recruitment of client advisors from UBS/CS only had a limited impact in terms of additional new money", KPMG banking expert Christian Hintermann was quoted as saying in the press release.
The private banks in Switzerland increased their income to 21.4 billion from 20.5 billion in the previous year. The increase is mainly due to higher commission and trading income, according to the statement. Net interest income, however, fell by around 10 percent to 4.6 billion Swiss francs. Profit after tax rose to over 4.0 billion francs from just under 3.1 billion francs in 2023.
In the annual "Clarity on Swiss Private Banks" study, KPMG and the University of St. Gallen (HSG) examined a total of 71 private banks operating in Switzerland. The major private banks are Edmond de Rothschild, EFG, J. Safra Sarasin, Julius Baer, Lombard Odier, Pictet, UBP and Vontobel.
