Annual Report 2011 - Hong Kong Monetary Authority

our presence in Vaud Canton. Since 2002 this unit has
been housed in a handsome building with appointments
ideally suited to our profession and clientele. Under the
guidance of Roland Humbert, business continues to grow
at a gratifying pace.
Lugano
2011 was a transitional year for Banca Privata Edmond de
Rothschild Lugano SA, headed by Luca Venturini. The
subsidiary reported a net profit of CHF 10.5 million, down
3.6% on the 2010 level of CHF 10.9 million.
56 2011 ANNUAL REPORT - BANQUE PRIVÉE EDMOND DE ROTHSCHILD SA
International network
Luxembourg
Led by Frédéric Otto, Banque Privée Edmond de Rothschild
Europe, Luxembourg last year pursued its strategy of
long-term growth in a persistently weak economic and
financial environment. The affiliate’s strategy is founded
on close ties and a frequent dialogue with clients and is
backed up by constant efforts to enhance the quality of
our services.
Growth continues to be driven robustly by BPERE’s core
businesses of private banking, asset management and
investment funds administration. Combining these segments
provides clients not only with interlocking value
but also with the tight advisory relationship that they are
entitled to expect from their wealth manager.
Business throughout the Luxembourg affiliate’s international
network expanded further last year, with gratifying
growth at our branches in Belgium, Italy, Portugal and
Spain and at our representative offices. The joint venture
begun a number of years ago with Nikko Cordial in Tokyo
also performed in line with projections. The assets managed
in conjunction with this entity were up in 2011 and
made a positive contribution to results.
Despite last year’s daunting environment, net profit at our
Luxembourg subsidiary totalled EUR 38.6 million (CHF 47.5
million), up 7.6% on the 2010 figure of EUR 35.9 million
(CHF 49.1 million). It is worth noting however that because
of the low EUR/CHF exchange rate, earnings were down
3.3% when translated into Swiss francs.
United Kingdom
In 2011 our London affiliate was directed by John Alexander
until August, when he retired, and from then by Richard
Briance. The operations of Edmond de Rothschild Ltd
gravitate around four main lines of business. LCF Edmond
de Rothschild Securities Ltd is mainly geared towards
trading in bonds and emerging market funds, but has also
carved out a niche in corporate finance where it is active
in management buyouts and M&A activity. Marshalling the