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In 2023, UBP’s net profit climbed to CHF223.8m ($257.7m) up 6.4% from CHF210.4m ($242.3m) in 2022. 

The beneficial result of CHF7.6bn in market impact and CHF2.9bn in net new money was negated by the adverse effect of the Swiss franc’s strengthening against the other currencies, particularly the US dollar. 

According to US dollar values, UBP‘s AuM increased by 9.7% ($166.4bn as of the end of 2022). 

The bank’s overall revenue for 2022 was CHF1.227bn, up 1.1% from CHF1.213bn in 2022. 

To meet expansion targets, Union Bancaire Privée has bolstered the Middle East governance team. 

Union Bancaire Privée, UBP, a private bank with its headquarters in Switzerland, named Mohamed Shoukry as the new CEO of UBP Middle East, its subsidiary located in Dubai, with effect from 1 January 2024. 

Shoukry is an established banker with over twenty years of experience, having worked for various Middle Eastern and North African organisations. 

The wealth and asset management arm of Goldman Sachs gained $13.88bn in net revenues over 2023, a 4% increase from the $13.376bn in 2022. The gains in 2023 for Goldman Sachs in wealth were attributed to higher management fees as well as higher net revenues in debt investments, private banking and lending. 

Furthermore, the increase in private banking and lending net revenues, from $2.458bn in 2022 to $2.576bn in 2023, primarily reflected higher deposit spreads and balances, partially offset by the impact of the sale of substantially all of The Marcus loans portfolio in the year. 

Temenos has announced the release of Temenos LEAP, a complete modernisation programme that speeds up Temenos clients’ transition to the cloud and Software-as-a-Service by allowing them to upgrade to the most recent Temenos platform.

Subject to regulatory approval in Asia, BlackRock named the employment of Jim Zhang as general manager and Hua Fan as head of China for BlackRock CCB Wealth Management Limited (also known as “BlackRock CCB Wealth”).