In Zurich on February 11, Pictet reported a 31% decline in net new money to 11 billion Swiss francs ($12 billion) compared to the previous year. The Geneva-based private bank capitalized on the fallout from Credit Suisse's 2023 collapse, with net new money totaling 16 billion francs.
Net profit for the year ending December 31 increased by 15% to 665 million francs, while operating income remained steady at 3.16 billion francs compared to the previous year. Pictet noted that assets under management grew by 14% to 724 billion francs, buoyed by favorable stock market conditions.
Marc Pictet, Senior Managing Partner, attributed the record-high in managed assets to excellent investment performance and positive market trends, stating, "Clients appreciate our unique investment expertise and the stability we offer amidst industry changes and geopolitical volatility."
(Note: $1 = 0.9115 Swiss francs)