Pictet’s assets under management rose to a record high in 2020, the Swiss private bank said on Wednesday, as wealthy clients channeled cash into its coffers and the value of their investments rose.
Net new money of 24 billion Swiss francs ($27 billion) helped boost assets under management or custody, which increased by 6% to 609 billion francs at the end of the year, the bank said.
Its business was also helped by “an excellent investment performance” as stock markets around the world surged.
The Pictet Group said its operating income rose 10% to 2.89 billion francs, while consolidated net profit increased 7% to 577 million francs.
“Pictet once again showed its strength in 2020, a year marked by the COVID-19 pandemic, and opened offices in New York, Shanghai and Monaco,” Senior Managing Partner Renaud de Planta said.
“The strong inflows of new client assets are due in no small part to the excellent investment performance across our business units.”
Among Pictet’s managing partners is Boris Collardi, whom Switzerland’s financial watchdog reprimanded last month following an inquiry into money laundering in Venezuela and corruption at soccer’s world governing body FIFA during his time as CEO at private bank Julius Baer.
Pictet said then that it 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. Editing by Mark Potter