Swiss private bank Pictet's first half results were record breaking despite being upstaged by the departure of partner Boris Collardi.
Pictet Group’s first-half net profit more than doubled to 636 million Swiss francs ($696 million) from 262 million a year earlier, the wealth manager said in a results statement Wednesday.
Group operating income was 1.54 billion francs, 16 percent higher year on year.
However, these record high numbers were overshadowed by partner Boris Collardi’s departure from the company. The former head of Julius Baer joined the Geneva private bank a little over three years ago.
New Building Financed
The net profit includes a one-off gain from the sale of the bank’s main building in Geneva during the first quarter. The proceeds from the transaction will enable Pictet to finance the expansion of its Geneva headquarters with the construction of a new building planned for 2025.
Assets under management or custody were around 690 billion francs as of the end of June, compared with 609 billion at the end of 2020. Pictet did not say how much of this was down to new money.
Investment in Technology
Senior Managing Partner Renaud de Planta said: «These are the best first half year results in Pictet’s history. Clients entrusted us with record net new money following our ongoing strong investment performance against benchmarks. The Group will continue expanding its presence in Asia and other priority markets, growing its leading alternative assets capabilities and investing significantly in technology.»
