Zurich-Based Private Bank Boosts Profit, But AUM Growth Slow

Contributing Editor

16 August 2005

Maerki Baumann & Co, a Zurich-based private bank, reported a 13 per cent rise in operating profits to SFr18,2 million ($14,4 million) in 2004. Although much of the rise was due to non-private banking work, according to reports in the Swiss media. Revenues at the bank rose to SFr48.8 million and were driven by transaction banking services to other financial institutions. The bank said this work had bolstered fee income by 24 per cent in 2004. Meanwhile, assets under management rose just 1 per cent in 2004 to SFr5.3 billion, with the inflow of new money reaching just SFr29 million. Earlier this year Maerki Baumann had been the subject of a scam involving an individual in London attempting to pass himself off as a senior employee of the bank. Arthur Bolliger, chief executive of Maerki Baumann told WealthBriefing at the time that an “advance-fee” fraudster using the name Joseph S. Busutil had contacted several individuals in the name of a fictitious subsidiary of Maerki based in London. “He has targeted US doctors. However, we are pretty certain that none of them have fallen victim to the scam,” said Mr Bolliger. Maerki Baumann was founded in 1932 and is owned by the Syz family, one of the most powerful Swiss banking families.