Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Pictet lifts veil of secrecy as it posts first ever results

Pictet lifts veil of secrecy as it posts first ever results

Pictet posted a net profit of CHF203 million (£133 million) in the first half of the year as the Swiss private bank published its results for the first time in its 209-year history.

Lifting the lid on the workings of the company, Pictet revealed its return on equity was 17.6% and its tier one capital ratio was a highly conservative 21.7%.

The private bank provided no past results as a comparison point and has only started to publish its numbers after converting from a unlimited liability partnership to a corporate partnership structure earlier this year.

Elsewhere, Pictet revealed that its leverage ratio is 5.4%, reflecting its balance sheet strength and cautious approach to lending to clients. In total, the private bank has CHF404 billion assets under management.

Pictet is one of several Swiss banks being probed by the US Department of Justice as it continues its investigations into American citizens using offshore banks to avoid paying tax.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter