ZURICH, Feb 10 (Reuters) – Pictet’s funds under management rose to a high level in 2020, a Swiss private bank said Wednesday, while wealthy clients managed to cash in their coffers and how the value of their investments has risen.
New net cash of 24 billion Swiss francs ($ 27 billion) helped to mobilize assets under control or seizure, which grew 6% to 609 billion francs at the end of the year, the bank said.
His business was also helped by “excellent investment performance” as stock markets around the world soared.
Pictet Group said its operating income rose 10% to 2.89 billion francs, while accumulated net profit increased 7% to 577 million francs.
“Pictet showed its strength again in 2020, a year marked by the COVID-19 pandemic, and opened offices in New York, Shanghai and Monaco,” said Renaud’s Chief Managing Partner of Planta.
“The strong inflow of new customer assets is largely due to the good investment performance across our business units.”
Pictet ‘s governing partners include Boris Collardi, who was admitted last month by the Swiss financial watchdog after a study into money laundering in Venezuela and corruption at the world football governing body FIFA during his time as CEO of private bank Julius Baer.
Pictet then said he stood behind Collardi, who joined the bank in 2018, and had full confidence in his work.
$ 1 = 0.8913 Swiss francs Reporting by John Revill. Edited by Mark Potter