HSBC Private Bank takes a knock in Switzerland
HSBC Private Bank’s unit in Switzerland reported a 13% fall in assets under management during the first half of 2008, compared with the end 2007 figure.
The Geneva -based bank blamed the fall on adverse market affects.
Total assets under management were recorded at SFr162bn at the end of the first half. Net new money of the Swiss business was recorded at SFr6.9bn, compared with SFr13bn a year earlier.
Peter Braunwalder, the bank’s head in Switzerland, officially steps down from his position of chief executive on October 1 and is replaced by Alexandre Zeller, the former head of Banque Cantonale Vaudoise.
del.icio.us
Digg
Newsvine
reddit
StumbleUpon
