Swiss wealth manager Pictet has issued its first annual results statement after more than two centuries in banking. The group said its assets under management (AuM) rose by CHF44bn to CHF435bn last year.
The disclosure follows the wealth manager’s decision last year to adopt new legal structure, which took effect on 1 January 2014. The group is now a limited liability company, while the management of the wider group fell under a corporate partnership.
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For the calendar year ended 31 December 2014, Pictet had an operating income of CHF 2.06bn and a consolidated net profit of CHF 459 million.
As of 31 December 2014, the group’s core tier 1 capital ratio was 21.3%, while the liquidity coverage ratio was 238%.
Pictet senior managing partner Jacques de Saussure said: "Each of our three business lines – wealth management, asset management and asset services – contributed to the positive net new money flows and each complements the other, providing the Group with stability and balance.
"Despite a demanding regulatory environment and volatile exchange rates, we are confident for the future of Pictet. We continue investing in our staff and infrastructure for the long term."
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