Assets under management hit record high at Saxo Bank
In the first half of 2014, Saxo Bank reached another record in assets under management, with client deposits with the online trading and investment specialist exceeding 60 billion Dkr., an increase of almost 10 billion Dkr. equivalent to 19% in six months.
Kim Fournais and Lars Seier Christensen, founders and co-CEOs, said in a joint statement:
“We are pleased with the confidence that our clients continue to place in our platform, illustrated by the significant growth in assets under management which clients may look to deploy as volatility returns to the markets. This is the lowest level volatility we have seen in the markets in 22 years, but we have continued to strengthen our multi asset trading platform, giving customers more and better opportunities to invest.”
The inflow of additional collateral from existing clients as well as from new clients continued successfully in 2014. This comes against a backdrop of continued uncertainty concerning the global economic recovery as well as the geopolitical tensions in Ukraine, Iraq and elsewhere, which have kept trading relatively low in the first half of the year, however they are higher than those seen in the second half of 2013 despite the even lower levels of volatility seen in the H1 2014 compared to H2 2013.
The net profit of 156 million Dkr. is considered disapp
ointing but still consistent with market conditions.
- Operating income: 1.35 billion Dkr. (H1 2013: 1.75 billion Dkr.)
- EBITDA: 448 million Dkr. (649 million Dkr.)
- Profit before tax: 222 million Dkr. (406 million Dkr.)
- Net profit: 156 million Dkr. (266 million Dkr.)
- Clients’ collateral deposits (total) 60.4 billion Dkr. (44.0 billion Dkr.)
“We are focused on offering customers the best price, product and service, and in 2014 we continue to develop and enhance our offerings while at the same time having a strong focus on costs and profitability,” say Kim Fournais and Lars Seier Christensen.
Saxo Bank has used the period of low volatility in the markets to enhance its multi trading platform, allowing clients to access investment opportunities across multiple asset classes. Its multi-product mobile trading platform tailored specifically to sophisticated retail clients recently won the award for Europe’s best mobile trading platform by Global Banking and Finance Magazine. The Bank was also named Best White Label Solution Provider and Multi-Asset Liquidity Provider. In July, Saxo Bank received the prestigious e-FX award for “Best Retail Platform” at the FX Week e-FX Awards In New York. Saxo Bank’s institutional business won the “Best Outsourcing Provider” award at the Sell-Side Technology Awards in April 2014. Finally, TradingFloor.com was named Most Innovative Social Trading Platform at IFM Awards 2014.
At Saxo we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest.
Today, Saxo is an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable Fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. As one of the earliest fintechs in the world, Saxo continues to invest heavily into our technology. Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients. Keeping our headquarters in Copenhagen, Saxo has more than 2,500 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.
For more information, please visit: www.home.saxo