14/10/2015
Assets under management in Geneva down in first half
p { margin-bottom: 0.25cm; line-height: 120%; } Banks and wealth management firms in the Geneva marketplace have seen a decline in their assets under management in first half 2015. The number of persons employed is also down, though profits have remained somewhat stable, according to the barometer published on 13 October by the Fondation Genève Place Financière. The decline in assets is due to currency fluctuations which occurred after the discontinuation of the EUR/CHF exchange rate ceiling, according to the management at Genève Place Financière. Iin the first six months of the year, the decline in assets under managemnt totaled between 7% and 3% for 53.8% of banks surveyed with up to 200 employees, and for 40% of establishments with over 200 employees. Nearly one third of independent managers who responded to the study have seen their assets under management develop within a range og +2% to -2%. From January to June, net inflows remained positive for banks with over 200 employees, while those with under 50 employees and independent asset management firms, while one quarter of these report stagnation. A majority of mid-sized establishments have seen inflows. A crushing majority of the source of these inflows is foreign. Asia, Latin America and the Middle East are among the largest contributors The Geneva financial market, however, has lost attractiveness for clients from Western Europe.
