The Swiss private bank said its full-year profit rose 36 percent on the year, and that it won 14.1 billion Swiss francs in fresh money from its institutional and wealthy clients.
Ex-Julius Baer boss Boris Collardi is joining a bank in rude health, Pictet signalled on Wednesday. The bank said net profit last year rose by more than one-third to 572 million Swiss francs from 2016, when profits were hit by markets and a hiring spree.
The discreet bank recently raided rival Julius Baer of its CEO, who will become one of seven partners at the discreet 213-year-old Genevan bank. Pictet didn't disclose specifics of its results – nor is it obliged to – nor mention Collardi in its results. The bank said it would publish an annual report in April.
Fresh Money
Pictet took in 14.1 billion francs in fresh money from clients, both from other firms at its asset management arm as well as directly, from wealthy clients. This represents more than the 12.4 billion francs it won the prior year.
The fresh money as well as favorable markets bolstered Pictet's total funds, which include those held in custody but managed by rival banks, to 509 billion francs. The bank didn't disclose how much it directly manages.
«The solid performance of our portfolio management as well as continued growth in assets benefited all our businesses,» managing partner Nicolas Pictet said in a statement.
Solid Capital
The bank said revenue climbed 16 percent to 2.523 billion francs on the year, without specifying a divisional break-down of its income.
The private bank's Tier 1 capital cushion was 2o.2 percent at year-end, based on core capital of 2.28 billion francs and a liquidity coverage ratio of 144 percent.
This is slightly lower than the 20.4 percent cushion one year ago, but well over Swiss regulation requiring a capital ratio of at least 7.8 percent.
