Swiss bank Mirabaud, in its first ever published results, recorded CHF 27 billion in assets under management (AuM) at 30 June 2014, CHF 1 billion higher than at the end of 2013.
The bank, which also changed its partnership structure (société anonyme), has been the third Swiss firm to disclose its earnings for the first time this week, after the other Geneva-based Pictet and Lombard Odier.
Due to the change in the business model from unlimited liability to corporate partnerships in response to regulatory changes, they are now legally obliged to publish results.
The rise in AuM at Mirabaud was attributed to investments made by the bank as part of various business activities in Switzerland and internationally.
In addition, the bank saw consolidated net income of CHF 17.5 million in H1 2014 and, after operating expenses, operating profit totalled CHF 25.8 million.
Mirabaud, contrarily to the other two Helvetic groups, isn’t among those seeking a non-prosecution agreement in the US tax program.