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Clariden Leu AG

Clariden Leu simplifies management structure and announces key figures for first half-year of 2007

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Zurich (ots)

As of October 1, 2007, Clariden Leu is simplifying
its management structure and pooling its expertise in the investment
products and services area in a newly-created division, Investment
Products & Wealth Management Services. Hans Nützi, up to now CEO of
Private Banking at Clariden Leu, will be appointed Deputy CEO of the
bank and assumes the management of the new division. In future, the
market regions will be reporting to the CEO, F. Bernard Stalder. This
simplified organizational structure allows Clariden Leu to continue
to successfully implement the defined strategy and to shorten
decision-making paths. Clariden Leu reported a net profit of CHF 317
million in the first half of 2007 and managed assets of CHF 133
billion as of June 30, 2007.
Walter Berchtold, Chairman of the Board of Directors of Clariden
Leu, commented: "In order to fully exploit the potential of Clariden
Leu and to further advance its integration, the Board of Directors
has adopted a new management structure for the bank. We have a strong
leadership team in F. Bernard Stalder, Hans Nützi and the other
members of the Executive Board, which represents continuity and will
successfully develop the bank along the defined path."
F. Bernard Stalder, CEO Clariden Leu, adds: "With the new
structure, we are integrating our market organization and our
investment products and services division on one management level. I
am very pleased that Hans Nützi will take over the management of the
newly-created division Investment Products & Wealth Management
Services. Due to his many years of experience, Hans Nützi is very
familiar with the needs of our demanding private banking clients. The
new division will create a central platform with an extensive offer
of innovative investment products and customized services and
solutions, which the relationship managers can make use of. After
only six months in operation as a bank, we can also already look back
on a satisfying first half-year. A net profit of CHF 317 million and
the growth in assets under management show that we are on the right
path."
Proven executives in new structures
The four market regions are headed by Adrian V. Nösberger, Private
Banking Switzerland & External Asset Managers, Adrian F. Leuenberger,
Private Banking Europe, Rémy L. de Bruyn, Private Banking Latin
America & Senior Private Bankers, and Roland Knecht, Private Banking
Eastern Europe, Middle East & Asia. Investment Products & Wealth
Management Services will include the four business areas of
Investment Management, Structured Products & Markets, Wealth
Management Services and Investment Funds. With this pooling of
expertise, the cooperation between the different product areas is
strengthened and the innovative ability of Clariden Leu further
increased. The continuity in the client relationship management is
guaranteed.
The four market region heads will also join the Executive Board of
Clariden Leu, which includes alongside the members Hans Nützi, Deputy
CEO, Roman Kurmann, CFO, Jean-Pierre Colombara, CRO, Roland Herrmann,
COO, Othmar Locher, HR, and Rudolf Hugentobler, Legal & Compliance.
Satisfying result during the first half-year of 2007
The assets under management increased by 7% to CHF 133 billion in
the first six months. The inflow of net new assets was CHF 2.7
billion. Without the costs relating to the merger totaling around CHF
30 million, net profit rose by 3% in the first half of 2007;
including the merger costs, net profit fell by 6% to CHF 317 million,
compared to the pro forma first half of 2006. Net revenues increased
by 5% to CHF 857 million; operating expenses increased by 15% to CHF
475 million.
Migration almost complete
The merger of the systems of Clariden Leu will be finished as
planned at the end of September 2007 with the migration of the IT
platforms of the former Clariden Bank and Credit Suisse Fides onto
the uniform IT platform. At the same time, the location consolidation
is being carried out in Switzerland and abroad. By the end of the
third quarter of 2007, the former 15 locations in Zurich will be
consolidated, so that in the future Clariden Leu will have six
business locations in Zurich.
Clariden Leu Ltd came into being on January 26, 2007, as a result
of the merger of Credit Suisse's four private banks - Clariden, Bank
Leu, Bank Hofmann, and BGP Banca di Gestione Patrimoniale - as well
as the securities dealer Credit Suisse Fides. It is a leading private
bank offering a comprehensive and high-quality range of products and
advisory services. With over 20 offices worldwide, Clariden Leu
serves wealthy clients with demanding wealth management and product
requirements, external asset managers, and wholesale clients. With
assets under management of some CHF 133 billion (as at June 30,
2007), Clariden Leu is one of Switzerland's biggest asset managers.
Cautionary Statement Regarding Forward-Looking and Non-GAAP
Information
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. In addition, in the future
we, and others on our behalf, may make statements that constitute
forward-looking statements. Such forward-looking statements may
include, without limitation, statements relating to the following:
-Our plans, objectives or goals; 
   -Our future economic performance or prospects; 
   -The potential effect on our future performance of certain
    contingencies; and 
   -Assumptions underlying any such statements.
Words such as "believes," "anticipates," "expects," "intends" and
"plans" and similar expressions are intended to identify
forward-looking statements but are not the exclusive means of
identifying such statements. We do not intend to update these
forward-looking statements except as may be required by applicable
securities laws.
By their very nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, and risks exist
that predictions, forecasts, projections and other outcomes described
or implied in forward-looking statements will not be achieved. We
caution you that a number of important factors could cause results to
differ materially from the plans, objectives, expectations, estimates
and intentions expressed in such forward-looking statements. These
factors include:
-The ability to maintain sufficient liquidity and access capital
    markets; 
   -Market and interest rate fluctuations; 
   -The strength of the global economy in general and the strength of
    the economies of the countries in which we conduct our    
    operations in particular; 
   -The ability of counterparties to meet their obligations to us; 
   -The effects of, and changes in, fiscal, monetary, trade and tax
    policies, and currency fluctuations; 
   -Political and social developments, including war, civil unrest or
    terrorist activity; 
   -The possibility of foreign exchange controls, expropriation,
    nationalization or confiscation of assets in countries in which  
    we conduct our operations; 
   -Operational factors such as systems failure, human error, or the
    failure to implement procedures properly; 
   -Actions taken by regulators with respect to our business and
    practices in one or more of the countries in which we  conduct   
    our operations; 
   -The effects of changes in laws, regulations or accounting
    policies or practices; 
   -Competition in geographic and business areas in which we conduct
    our operations; 
   -The ability to retain and recruit qualified personnel; 
   -The ability to maintain our reputation and promote our brand; 
   -The ability to increase market share and control expenses; 
   -Technological changes; 
   -The timely development and acceptance of our new products and
    services and the perceived overall value of these products and 
    services by users; 
   -Acquisitions, including the ability to integrate acquired
    businesses successfully, and divestitures, including the ability 
    to sell non-core assets;
   -The adverse resolution of litigation and other contingencies; and
   -Our success at managing the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not
exclusive. When evaluating forward-looking statements, you should
carefully consider the foregoing factors and other uncertainties and
events, as well as the information set forth in our Form 20-F Item 3
- Key Information - Risk factors.
This press release contains non-GAAP financial information.
Information needed to reconcile such non-GAAP financial information
to the most directly comparable measures under GAAP can be found in
Credit Suisse Group's Financial Review 2Q07 and Credit Suisse Group's
Financial Statements 2Q07.

Contact:

Thomas Ackermann, Head Marketing & Communications Clariden Leu
Direct dial no.: +41/58/205'34'44
E-Mail: thomas.ackermann@claridenleu.com

Dagmar Laub, Head Communications Clariden Leu
Direct dial no.: +41/58/205'37'10
E-Mail: dagmar.laub@claridenleu.com

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