(Bloomberg) -- Banque Pictet & Cie SA grew assets under management during the first half of the year even though higher costs hit profitability.
The Geneva-based private bank saw assets under management or custody rise 10% to 694 billion Swiss francs ($819 billion) in the six months through June, according to a statement Friday. Operating income dropped 3% year-on-year to 1.57 billion francs as operating expenses rose 3% during the period.
“We saw a robust increase in assets under management due to good investment performance, favorable market conditions and new money inflows,” Senior Managing Partner Marc Pictet said in the statement. Operating expenses grew “as we continued to invest in our Private Assets and Asia businesses as well as technology and infrastructure,” he said.
Net profit for the period was 320 million francs. The bank said interest income was “significantly lower” as clients shifted their money into “revenue-generating assets.”
Pictet has about 5,500 employees and 30 offices worldwide. It offers wealth management, asset management, alternative investments, and related asset services. The bank doesn’t engage in investment banking, nor does it extend commercial loans.
The Swiss bank recently revamped its leadership. Earlier this year it named Geraldine Sundstrom as head of investment offering. It also appointed Marc Pictet as senior partner, taking over from Renaud de Planta who will join the supervisory board and the board of directors of the bank in January 2025.
(Updates with employee numbers and recent appointments in the last two paragraphs)
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