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  1. Wealth
March 2, 2010

Reuters: Sarasin profits up 6% ’09

By Spear's

ZURICH, March 2 (Reuters) – Private bank Sarasin (BSAN.S) set ambitious new targets for assets under management after booking a 6 percent rise in full-year profit as it attracted new client money from embattled rival Swiss wealth managers.

ZURICH, March 2 (Reuters) – Private bank Sarasin (BSAN.S) set ambitious new targets for assets under management after booking a 6 percent rise in full-year profit as it attracted new client money from embattled rival Swiss wealth managers.

Basel-based Sarasin, controlled by Dutch Rabobank [RABN.UL], said on Tuesday it attracted 12.5 billion Swiss francs ($11.6 billion) of net new money as it improved the quality of its client relationship team, enabling it to increase adjusted 2009 net profit to 121.7 million francs.

Credit Suisse (CSGN.VX), as well as smaller Swiss private banks and regional banks were last year able to mop up client money leaking from UBS (UBSN.VX) (UBS.N) which was hit hard by legal and reputational problems.

To read the full story, visit reuters.com

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