Mirabaud, a Swiss wealth and asset management group, has posted consolidated net income of CHF19.6m for the first half of 2015, up 12% compared to CHF17.5m in the year ago period.
The group’s assets under management as at 30 June 2015 stood at CHF31.4bn, down compared to CHF32.7bn at the end of December 2014.
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The CHF31.4bn AuM includes 3.7bn of double-counted assets, comprising CHF8bn in asset management and CHF23.4bn in wealth management, including CHF1.9bn in institutional deposits.
This decrease in AuM was due to the sharp appreciation of the Swiss franc.
The group’s revenue for the first half of 2015 was CHF154.9m, up 5% compared with the year ago period including net interest income of CHF7.7m, commission income of CHF120.5m and dealing income of CHF21.9m.
Operating result after operating expenses was CHF25.2m, an increase of 11% from CHF22.7m a year ago.
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By GlobalDataMirabaud said that its consolidated balance sheet totalled CHF4044.1m, versus CHF4389m at the end of December 2014.
Mirabaud senior partner Yves Mirabaud said: "Our results are encouraging, given the difficult climate caused by the appreciation of the Swiss franc, along with the introduction of negative interest rates, which penalise all those who, like us, prioritise risk control and cautious balance-sheet management.
"Our half-year accounts reflect both particularly consistent activity in the equity and foreign-exchange markets as well as our ability to adapt and react to change."
