The Genevan wealth manager's profits fell sharply, though it was able to hoover up new client funds. Mirabaud believes it can turn recent investments into profits soon.
The Swiss wealth manager's net profit for 2020 stood at 35.9 million ($38 million), from 50.8 million francs the prior year, it said in an emailed statement on Wednesday. Mirabaud had benefited from exceptional revenue in both 2019 as well as 2018, when its net profit topped 59 million francs.
The drop was foreshadowed by a first-half result which didn't benefit from heady spring 2020 trading as much as some rivals, as finews.com reported in August. Mirabaud appears to have hedged most of its portfolios, meaning its clients invested largely in passive styles.
Return On Investments
Revenue tumbled to 298.6 million francs, from 324 million francs, while its overall assets remained steady just shy of 35 billion francs. Mirabaud took in 801 million francs in net new money.
The bank's plans for this year include looking for returns from recent investments in its business. In the last two years, it founded subsidiaries in the United Arab Emirates, in Brazil, and in Uruguay. Last autumn, Mirabaud hired a corporate finance team to coordinate deals for wealth management clients in France and in Switzerland.
