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September 1, 2022

Pictet Group assets shrink on volatile market conditions

Assets under management or custody at Pictet Group dipped to CHF610bn as of 30 June 2022, compared with CHF698bn in the year-ago period.

The Swiss wealth and asset manager attributed the result to market fluctuations.

Pictet registered consolidated profit of $389m (CHF380m) in the first six months of this year, a 40% slump from CHF635m in the first half of 2021.

However, net profit for the same period rose 1% after adjusting for the one-off gain from the sale and lease back of the firm’s main building in Geneva.

The group’s operating income stood at CHF1.58bn in H1 2022, which is a year-on-year growth of 2%. Cost/income ratio remained stable at 70%.

Capital ratio totalled 23.5%, more than the minimum of 12% mandated by Swiss Financial Market Supervisory Authority (FINMA), on the basis of CHF3.06bn of total regulatory capital.

First-half operating income rose 2% to CHF1.57bn, while total operating expenses before tax increased 3% to CHF1.11bn.

Pictet Group senior managing partner Renaud de Planta said: “After two years of pandemic and following Russia’s invasion of Ukraine, the world entered a new and more fractured global order.

“Both events have inverted the macroeconomic backdrop of the past two decades, with a shift from low inflation and low interest rates to high inflation and rising interest rates.

“The impact of the market-driven drop in our assets under management has been partly offset by rising interest rates.”

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