Swiss bank Mirabaud has reported consolidated profit of CHF26.1m for H1 2019, from CHF29.9m for the same period last year.

The Mirabaud Group’s assets under management meanwhile increased 5% from CHF32.3bn to CHF34.0bn.

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CHF7.2bn of this figure is attributable to asset management.

The majority of Mirabaud Group’s assets are held in deposits with the Swiss National bank or invested in short-term government bonds.

Income for Mirabaud in H1 stood at CHF164.6m, a fall of 5.4% from 2018’s figure of CHF174.0m.

The results meet the family-owned bank’s targets, according to senior managing partner, Yves Mirabaud.

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“These results are in line with our expectations, and assets under management are on the increase.

“In this year, as we celebrate Mirabaud’s bicentenary, we have continued to expand, opening new offices in Brazil and Uruguay, with Abu Dhabi to follow very shortly.

“For 200 years, Mirabaud has been investing for the long term and offering its clients customised, international expertise.”

Founded in 1819, Geneva-based Mirabaud remained entirely based in its Swiss homeland until the 1980s when it opened for business in Montreal.

It has subsequently expanded across Europe and also has a presence in the Middle East to go with its ongoing plans for Latin America.

Mirabaud secured approval to open a pair of wealth management units in Montevideo, Uruguay in Februrary of this year, following the acquisition of Brazilian asset manager, Galloway, in December 2018.

Fifty per cent of Mirabaud’s workforce is now located outside of Switzerland, Etienne d’Arenberg, head of UK wealth management, told PBI in May.