Profits rose last year but assets under management were unable to escape the effects of the global equity and bond market selloff.

The Switzerland-based J Safra Sarasin Group has reported a net profit of SFr440.2 million ($468.2 million) for 2022, rising 4 per cent on a year earlier.

The organisation said in a statement that it logged net new assets of SFr4 billion last year, although assets under management fell to SFr197.9 billion at the end of 2022 after difficult market conditions.

J Safra Sarasin’s group Common Equity Tier 1 ratio – a standard international yardstick of capital buffer – was 44.1 per cent, or SFr6.2 billion, well above what regulators require.

“Last year, the Group delivered on its commitment to provide expert advice to our clients and a safe harbour for their assets. The continued strength of our financial base and robust performance across geographies and business lines put us in an excellent position for continued growth,” Jürg Haller, chairman of the board of Bank J Safra Sarasin, said.