The group said it has logged growth in a number of the countries, ranging from Asia through to its home turf in Switzerland.

EFG International, which operates across a number of regions, yesterday reported that it has logged "robust" net new asset growth in April to end-October, at 4.2 per cent, and "recovering considerably".

In the second half of the year to date, new asset growth in the UK, continental Europe and the Middle East was strong; there were inflows in Switzerland and Italy and "positive" developments in Asia, the Zurich-listed group said in a statement.

Overall, including market and foreign exchange effects, assets under management increased to SFr150.7 billion ($152.3 billion) as of 31 October 2019.

Along with other firms, EFG International was affected by low interest rates and some "lower-than-average" client activity, it said. The firm, which has been in the process of integrating the acquired BSI banking business, said it is on track to realise its cumulative pre-tax cost synergy target of SFr240 million by end-2019

The firm said that after telling investors about its 2022 strategic plan to the market in March, it has made "considerable progress" in carrying out a number of business plans, such as accelerating its client relationship officer hiring drive. In the year to date it has hired a total of 157 new CROs, beating earlier guidance of 75-100 CROs per year.

EFG has relaunched its domestic Italian business from its Milan branch and has increased its footprint in Southern Europe with the opening of a new branch in Lisbon, Portugal, which has been fully operational since 1 September this year. This was followed on 31 October 2019 by the launch of EFG’s new advisory office in Dubai.

Reshuffle
EFG also said it will combine its global markets and Treasury and ALM (asset and liability management) functions to create a single division led by Kurt Haueter, the new head of global markets and treasury, with effect from 1 January 2020 and subject to regulatory approval.

Maurizio Moranzoni, head of global markets, has decided to step down from his current role and retire. He joined BSI in 1982, holding a number of senior posts and was closely involved in the BSI integration.