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February 10, 2022

Pictet AuM reaches record high on strong inflows

Pictet Group has reported strong growth in its profit and assets under management (AuM), benefitting from positive market developments and net inflows of over CHF29bn.

Highlights

The Geneva-based private bank’s consolidated net profit for the full year ended 31 December 2021 stood at CHF1.01bn, representing a 75% surge from the previous year.

This growth was driven by an extraordinary gain from the sale and leaseback of its main building in Geneva in addition to favourable market conditions.

Excluding the sale, the bank’s operating result for the year was CHF924m, an increase of 33% compared to 2020.

Operating income rose 13% over the year to CHF 3.251bn.

The bank’s AuM increased 15% from CHF609bn in the previous year to all-time high of CHF698bn.

At the end of December 2021, Pictet’s liquidity coverage ratio was 164%, as against the 100% requirement under Basel III.

It reported CHF2.67bn of regulatory capital, with the total capital ratio standing at 22.7%, way above the 12% regulatory requirement.

Pictet Group senior managing partner Renaud de Planta said: “2021 was an excellent year for Pictet. Market conditions were very positive and assets entrusted to us reached an all-time high.

“We benefited from our clear focus on bringing investment leadership and bespoke services to our clients. This commitment will continue in 2022 with record investments in talent and technology.”

Recent developments

In October last year, Pictet struck an agreement with Bangkok Bank to provide wealth management services for the bank’s wealth clients in Thailand.

Last August, media reports said that Pictet Asset Management’s wholly-owned Shanghai arm will provide offshore strategies in China.

The unit was set up by Pictet in November 2020 in a bid to tap the evolving fund market in China.

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