Swiss asset manager Mirabaud reported a drop in consolidated net profit and assets under management dropped amid Covid-19 induced market turmoil.
Highlights of H1 2020
The firm’s consolidated net profit stood at CHF20.4m ($22.5m) in the first six months of 2020, versus CHF26.1m a year ago.
Operating income increased to CHF24.4m from CHF23.7m over the period.
Result from commission business and services increased to CHF122m from CHF119.7m.
Result from trading activities rose to CHF23.5m from CHF22.6m.
Net result from interest operations in H1 2020 was CHF8.7m, compared with CHF14.3m in H1 2019.
Operating expenses dropped to CHF125.5m from CHF134.9m.
Mirabaud senior managing partner Yves Mirabaud said: “In a first half-year marked by an unprecedented economic and health crisis, we recorded net asset growth, thanks largely to our Wealth Management activities.”
Consolidated total assets reached CHF5.01bn as of 30 June 2020, compared with CHF4.16bn at December-end 2019.
The firm’s tier 1 ratio of 20.4% at the end of June 2020 was said to be well above the requisite minimum level.
Yves Mirabaud added: “We also expanded our Private Equity teams and launched a new fund in the Impact, Lifestyle and Innovation field.
“In addition, we have enhanced our CSR strategy and further developed our Wealth Management activities, particularly in Brazil, where the acquisition of two advisory and representative licences enables us to best serve the needs of our family office clients.”
Mirabaud’s three core areas are wealth management, asset management, and securities.
The firm’s offices are located in Geneva, Basel, Zurich, London, Luxembourg, Paris, Madrid, Barcelona, Valencia, Sevilla, Milan, Montreal, Dubai, Abu Dhabi, Montevideo, and São Paulo. Its staff headcount is 700.
Recent appointments at Mirabaud
The firm recently made several senior appointments.
This April, it expanded its Uruguay wealth management business with the appointments of Reto Hunziker and Sandra Kunze.
In February 2020, the firm named François Leyss as its new COO.
Earlier this year, the firm strengthened its UK wealth management team with new hires.