Baumann & Cie, one of the last Swiss genuinely «privé» banks, hiked its profit to the highest level in 11 years.
The Basel-based wealth manager lifted its net profit by nine percent to 18.9 million Swiss francs ($20.7 million) last year, it said in a statement (in German). The bank is managed by Chairman Daniel Rueedi and Daniel Burkhardt, while Mathias Preiswerk remains a «silent» partner.
Its operating income stood at 9 million francs – a 30 percent jump on 2020 and the best result in its 101-year history, Baumann said. While its interest income was stable, it benefited from a ten percent fillip in commissions and fees, which make for a weightier share of its income.
Vanishing Circle
Baumann & Cie, Banquiers is one of just five remaining institutes in Switzerland which call themselves «banquier privé,» meaning they are run by a circle of partners who maintain unlimited personal liability for the fortunes of their bank.
The other «privé» banks besides Baumann are Reichmuth in Lucerne, Zurich's Rahn + Bodmer, Geneva's Bordier, and Basel's E. Gutzwiller & Cie.
