April 26, 2019 / 5:13 AM / 2 months ago

BRIEF-EFG International Says Net Asset Development Has Been Slow In 2019

April 26 (Reuters) - EFG International AG:

* SAYS EFG INTENDS TO REPURCHASE SHARES FROM THE MARKET TO FUND ITS EMPLOYEE INCENTIVE PLANS

* SAYS FINANCIAL RESULTS FOR THE FIRST MONTHS OF 2019 MIRRORED THE CHALLENGING MARKET ENVIRONMENT, WHICH WAS MARKED BY SUBDUED CLIENT TRANSACTION ACTIVITY, OFFSET BY A STRONG PERFORMANCE FROM ASSET AND LIABILITY MANAGEMENT ACTIVITIES

* SAYS YEAR TO DATE, NET ASSET DEVELOPMENT HAS BEEN SLOW, WITH NET NEW MONEY LARGELY FLAT AND LIMITED DELEVERAGING, PRIMARILY IN ASIA

* SAYS PERFORMANCE OF EFG’S SWITZERLAND BUSINESS HAS BEEN ENCOURAGING IN THE FIRST MONTHS OF 2019, SHOWING SIGNS OF STABILISATION

* SAYS YEAR-TO-DATE ASSETS UNDER MANAGEMENT WERE CHF 138.0 BILLION AND CHF 149.1 BILLION1 , INCLUDING THE ACQUISITION OF SHAW AND PARTNERS IN AUSTRALIA

* SAYS EFG CONTINUED TO REALISE COST SYNERGIES TOWARDS ITS CUMULATIVE TARGET OF CHF 240 MILLION BY END-2019, WHILE CONTINUING TO INVEST INTO GROWTH THROUGH NEW BUSINESS INITIATIVES AND BY ACCELERATING THE HIRING OF CRO TEAMS

* SAYS EFG’S RESULTS WERE MARGINALLY NEGATIVELY IMPACTED BY ITS LIFE INSURANCE PORTFOLIO OVER THE FIRST MONTHS OF THE YEAR

* SAYS IN THE NEXT TWELVE MONTHS, EFG PLANS TO PURCHASE UP TO 8,000,000 ORDINARY SHARES, WHICH REPRESENT APPROXIMATELY 2.7% OF THE CURRENT TOTAL OUTSTANDING SHARE CAPITAL Source text for Eikon: Further company coverage: (Reporting by John Miller)

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