Mirabaud expanded its assets under management on a strong asset management performance and new money inflows last year.
Geneva-based private bank Mirabaud said its assets under management (AuM) grew 11.4 percent in 2021 to 38.9 billion Swiss francs ($42.6 billion), of which 9.7 billion francs was attributable to asset management and net new money inflows of 652 million francs, the firm said in a statement Tuesday announcing its annual results.
Operating profit was 50.0 million francs, up 8 million from 2020, while consolidated net income rose to 40.5 million in 2021 from 35.9 million the year before.
«After a second year marked by the pandemic and its effects on international trade and the economy, our company’s results for 2021 are positive; above the rise in the financial markets, they are also based on a contribution of net new money, reflecting the quality of our performance and our services,» said Yves Mirabaud, Senior Managing Partner.
Revenues
Mirabaud reported revenues of 312.7 million francs in 2021 compared to 298.6 million the year before, which included fee and commission income of 259.8 million, and net trading income of 34.0 million.
Negative Interest Rates
Consolidated assets amounted to 4.48 billion francs, the majority of which are deposited at the Swiss National Bank (SNB) or in short-term government debt instruments. The banks' SNB deposits were affected by negative interest rates which impacted the group's operating result, according to the statement.
