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Geneva groups' growth in focus: Pictet, Lombard Odier, Mirabaud and UBP

A rundown of how four of the biggest operators in Geneva are faring.

The results are in

Three of Geneva’s largest banks and asset managers have registered positive results for 2017. Over the past year, four of the city's key groups enjoyed growth in net profit and significant asset inflows.

Here Citywire Switzerland takes a closer look at how Pictet, Lombard Odier, Mirabaud and UBP have fared over the last year and what has driven their respective performances.

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The results are in

Three of Geneva’s largest banks and asset managers have registered positive results for 2017. Over the past year, four of the city's key groups enjoyed growth in net profit and significant asset inflows.

Here Citywire Switzerland takes a closer look at how Pictet, Lombard Odier, Mirabaud and UBP have fared over the last year and what has driven their respective performances.

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Pictet Group

*Unaudited figures

End of the year 2017 consolidated net profit: CHF 572 million (+ 36% increase year-on-year)

Assets under management or custody: CHF 509 billion (+ CHF 47 billion since December 2016)

Pictet Group's assets under management or custody rose by CHF 47 billion thanks to a combination of strong markets and healthy net inflows over the past year.  

The Geneva-based company has registered a 36% growth in net profits compared with 2016. Meanwhile, its net new money in asset and wealth management has reached CHF 14.1 billion.

Commenting on these figures, Nicolas Pictet, senior managing partner, said: ‘2017 has been an outstanding year for Pictet. Sound portfolio management performance and steady growth in new client assets have benefited all business lines.

'Our diversification across wealth and asset management reinforces the Group’s stability and therefore our financial strength.’

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Lombard Odier Group

End of the year 2017 consolidated net profit: CHF 146 million (+ 17% increase year on year)

Assets under management or custody: CHF 274 billion (+ CHF 41 billion since December 2016)

Lombard Odier's assets under management grew to CHF 274 billion at the end of 2017 versus CHF 233 billion in 2016, while total client assets grew by 17%.

The Geneva group's operating income for 2017 reached CHF 1.1 billion, up 6% compared with 2016. This was attributed to the growth in assets and to an increase in client activity across the business. 

The group’s balance sheet was reported as CHF 16.9 billion. The group has no external debt and is well capitalised, with a CET1 ratio of 26.5% at the end of 2017.

Commenting on the group performance, Patrick Odier, senior managing partner at Lombard Odier, said: ‘Our improved results in 2017 reflect the positive impact of new client acquisitions as well as the strong markets we have seen during the year.'

Odier added that the focus for the coming year will be on the group's expansion both in Switzerland and internationally.

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UBP

End of the year 2017 consolidated net profit: CHF 220.4 million (+25% increase year on year)

Assets under management: CHF 125.3 billion (+5.9% increase year on year)

Union Bancaire Privée recorded a total operating income of CHF 1.04 billion compared with CHF 934.6 million over the same period in 2016. This was driven by a rise in fees and commissions, as well as a growth in advisory and discretionary mandates among private clients, according to the group.

UBP’s operating results rose to CHF 271.2 million compared with CHF 191.9 million in 2016. The group's assets under management or custody rose from CHF 118.3 million in 2016 to 125.3 million today.

Commenting on the bank’s performance, Guy de Picciotto, UBP’s CEO, said: ‘Although these results are, in part, due to positive economic conditions and buoyant markets, they above all reflect the efforts and investments we have made over the last few years, particularly in Asia.

'Our 2017 performance was achieved in the context of a favourable economic environment, but it was also supported by a Swiss banking industry that is in good health.’

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Mirabaud Group

End of the year 2017 consolidated net profit: CHF 40.5 million (+28% increase year on year)

Assets under management or custody: CHF 33.3 billion (+11% increase year on year)

Mirabaud Group recorded growth in both net income, which reached CHF 40.5 million, and assets under management, which rose to CHF 33.3 billion at the year-end of from CHF 31.2 billion in June 2017. Revenue increased to CHF 305.3 million, which includes fee and commission income of CHF 237.3 million, net income from trading activities of CHF 33.3 million, and net interest income of CHF 27.8 million.

The group’s operating results before depreciation, amortisation and tax rose to CHF 247.2 million compared with CHF 244.4 million in 2016. Mirabaud Group said this reflects the strong client base as well as the favourable market conditions.

Commenting on the performance of the company, Yves Mirabaud (pictured), senior managing partner at Mirabaud Group, said: ‘Mirabaud's financial soundness and excellent performance enable us to continue to invest for the long term, and ensure that we can offer a rounded portfolio of services for both our private and institutional clients.’

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