November 16, 2017 / 6:41 AM / a year ago

Swiss bank EFG sees overall net inflows for first time since end-2015

ZURICH, Nov 16 (Reuters) - EFG International said it had brought in net inflows of 0.5 billion Swiss francs ($505.61 million) from July through end-October, the first time the Swiss private bank’s overall incoming money turned positive since it bought BSI bank in early 2016.

EFG on Thursday said the increase raised its assets under management to 147.5 billion francs, following the outflow of 1.5 billion francs related to the integration of BSI.

Some outflows were expected to continue into the first quarter of 2018, the group added.

“Since the announcement of the first-half 2017 results in July, EFG International continued to make significant progress in the integration process and is on track to complete the platform migration of the remaining former BSI businesses before year-end, concluding the overall integration process,” the Zurich-based bank said in a statement. ($1 = 0.9889 Swiss francs) (Reporting by Brenna Hughes Neghaiwi, editing by John Revill)

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