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SP Hinduja Bank Privée on Friday (20) announced strong results for 2021 and delivered good returns for clients and continued operational growth under CEO Karam Hinduja, the bank said in a statement.
The operational profitability increased by 30 per cent and total assets under management (AUM) increased by over $699 million (£560m) over the period, the bank said.
The firm added that the positive performance continues in the first quarter of 2022.
The bank has generated a gross internal rate of return (IRR) of 63 per cent and net IRR of 44 per cent on pre-IPO private market investments for its clients from January 1, 2021 to March 31, 2022, according to the statement. It maintains capital adequacy, a measurement of a bank's available capital expressed as a percentage of a bank's risk-weighted credit exposures, at 38 per cent.
"Today's results show that a new, progressive leadership approach is enabling SP Hinduja Bank Privée to go from strength to strength, delivering strong returns for our clients and investors," said Hinduja, who took charge in March 2020.
"We have started off 2022 extremely well with a host of new initiatives in the pipeline that will further benefit our clients. I will continue to open pathways for growth previously out of reach to private banks."
The bank has given an average of 13.5 per cent annual yield across private debt investments, including in sustainable energy & infrastructure, for clients between February 2021 and February 2022, the statement further said. Advisory mandate portfolios generated clients up to 20 per cent yield for 2021.
The bank said that after taking over, Hinduja focused on client service and returns. Now the bank has experts in asset management, venture capital and other verticals, putting it at the forefront of new-age Swiss banking services, it added.
UK life sciences sector contributed £17.6bn GVA in 2021 and supports 126,000 high-skilled jobs.
Inward life sciences FDI fell by 58 per cent from £1,897m in 2021 to £795m in 2023.
Experts warn NHS underinvestment and NICE pricing rules are deterring innovation and patient access.
Investment gap
Britain is seeking to attract new pharmaceutical investment as part of its plan to strengthen the life sciences sector, Chancellor Rachel Reeves said during meetings in Washington this week. “We do need to make sure that we are an attractive place for pharmaceuticals, and that includes on pricing, but in return for that, we want to see more investment flow to Britain,” Reeves told reporters.
Recent ABPI report, ‘Creating the conditions for investment and growth’, The UK’s pharmaceutical industry is integral to both the country’s health and growth missions, contributing £17.6 billion in direct gross value added (GVA) annually and supporting 126,000 high-skilled jobs across the nation. It also invests more in research and development (R&D) than any other sector. Yet inward life sciences foreign direct investment (FDI) fell by 58per cent, from £1,897 million in 2021 to £795 million in 2023, while pharmaceutical R&D investment in the UK lagged behind global growth trends, costing an estimated £1.3 billion in lost investment in 2023 alone.
Richard Torbett, ABPI Chief Executive, noted “The UK can lead globally in medicines and vaccines, unlocking billions in R&D investment and improving patient access but only if barriers are removed and innovation rewarded.”
The UK invests just 9% of healthcare spending in medicines, compared with 17% in Spain, and only 37% of new medicines are made fully available for their licensed indications, compared to 90% in Germany.
Expert reviews
Shailesh Solanki, executive editor of Pharmacy Business, pointed that “The government’s own review shows the sector is underfunded by about £2 billion per year. To make transformation a reality, this gap must be closed with clear plans for investment in people, premises and technology.”
The National Institute for Health and Care Excellence (NICE) cost-effectiveness threshold £20,000 to £30,000 per Quality-Adjusted Life Year (QALY) — has remained unchanged for over two decades, delaying or deterring new medicine launches. Raising it is viewed as vital to attracting foreign investment, expanding patient access, and maintaining the UK’s global standing in life sciences.
Guy Oliver, General Manager for Bristol Myers Squibb UK and Ireland, noted that " the current VPAG rate is leaving UK patients behind other countries, forcing cuts to NHS partnerships, clinical trials, and workforce despite government growth ambitions".
Reeves’ push for reform, supported by the ABPI’s Competitiveness Framework, underlines Britain’s intent to stay a leading hub for pharmaceutical innovation while ensuring NHS patients will gain faster access to new treatments.
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