The private bank, which operates in a number of jurisdictions, updated the markets on its financial performance yesterday. Concerns about weaker inflows hit the share price.

EFG International, which recently named a new chief risk officer and other senior moves, yesterday issued an update on results, saying it remained profitable and booked underlying net new asset growth in the months from July to the end of October.

However, investors appeared unimpressed by the statement. Shares in EFG International were down by about 6.2 per cent on the day, at SFr6.7 per share yesterday in Zurich trading late afternoon. Reports said weaker inflows, caused by a fall in Asian clients' risk appetite, had taken a toll.

The Zurich-listed firm, which operates in a number of jurisdictions, such as Singapore, said it is on track to hit its target "pre-tax cost synergies" for the end of this year, and that assets under management at the end of October stood at SFr140.1 billion, with lower return on assets.

Since the start of this year, there has been underlying net new asset growth, EFG International said, albeit at the "lower end of 2019 target range with Switzerland and Italy region returning to positive underlying inflows".

The firm said plans include the relaunch of its domestic Italian business, although the statement gave few other details.

EFG International said it will update investors on 13 March next year about its 2019-2022 strategic plan.