November 13, 2019 / 6:13 AM / a month ago

BRIEF-EFG says Q3 revenue margins remained under substantial pressure

Nov 13 (Reuters) - EFG International AG:

* EFG INTERNATIONAL IS CONTINUING TO SYSTEMATICALLY EXECUTE ITS 2022 STRATEGIC PLAN WITH A FOCUS ON ACHIEVING SUSTAINABLE AND PROFITABLE GROWTH

* EFG HAS MADE STRONG PROGRESS WITH ITS STRATEGIC BUSINESS INITIATIVES AND CRO HIRING IN THE YEAR TO DATE, WHILE REALISING SIGNIFICANT COST SYNERGIES

* ASSETS UNDER MANAGEMENT NOW TOTAL CHF 150.7 BILLION

* STRONG PERFORMANCE IN THE UK AND CONTINENTAL EUROPE & MIDDLE EAST AND A RETURN TO POSITIVE NET ASSET INFLOWS IN THE SWITZERLAND & ITALY REGION

* ON TRACK TO REALISE TARGETED BSI-RELATED COST SYNERGIES BY END-2019 AND IS EXERCISING FURTHER STRICT COST DISCIPLINE TO SUPPORT THE FINANCING OF GROWTH INITIATIVES

* REVENUE MARGINS REMAINED UNDER SUBSTANTIAL PRESSURE IN THE THIRD QUARTER

* KURT HAUETER APPOINTED HEAD OF NEWLY COMBINED GLOBAL MARKETS & TREASURY DIVISION

* MAURIZIO MORANZONI, HEAD OF GLOBAL MARKETS SINCE OCTOBER 2016, HAS DECIDED TO STEP DOWN FROM HIS ROLE AND TO RETIRE ON 31 DECEMBER 2019 Source text for Eikon: Further company coverage: (Reporting by John Miller)

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