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Pictet posted great performance in the first half


Pictet Group posted a solid performance in the first half of the year, recording strong growth in assets under management. Boris Collardi, who has served on the board of partners for just over three years, has left the Geneva-based bank.


“After careful consideration and discussions with the college of partners, Boris Collardi has decided to step down as a partner and leave Pictet,” the bank said in a statement, without specifying the reasons that led to the decision.

“Pictet Wealth Management is in an excellent position to ensure its long-term success and I am convinced that the group will continue to progress,” said Boris Collardi, quoted in the statement.

Upon regulatory approval, Elif Aktug and François Pictet will join the partnership on September 1.

Finma reprimand
The Swiss Financial Market Supervisory Authority (Finma) censured the banker for a money laundering case dating back to his time as head of Julius Bär Asset Management.

The complaints centered around potential acts of corruption involving the Venezuelan State Company Petróleos de Venezuela (PDVSA) and the International Federation of Association Football (FIFa) between 2009 and 2018, period during which Boris Collardi was the leader of the Zurich group.

History’s best results
In the first half of the year, Pictet achieved “the best half-year results in the bank’s history”, said senior partner Renaud de Planta, who emphasized that “clients have entrusted us with record net assets”.

As of the end of June, the assets under management or in deposit reached 690 billion francs, up from 609 billion at the close of 2020.

Operating income increased by 16% year-over-year to 1.5 billion francs, while pre-tax expenses rose by 7% to 1.1 billion. According to unaudited results, consolidated net profit more than doubled (+142%) to 636 million.

An extraordinary gain from Pictet’s sale and leaseback transaction for its main building in Geneva was recorded in the first quarter. Pictet will be able to self-finance the construction of a complex of buildings in Geneva by 2025 with the proceeds of this transaction.

The operating income, which excludes this one-time gain, reached CHF 464 million, up 45% from the first half of 2020.

According to Pictet, the regulatory total capital ratio at the end of June was 22.2%, significantly higher than the 12% required by Finma.

For MetaNews.


Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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