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Geneva top players report strong H1: Pictet, Lombard Odier and Mirabaud

We take a closer look at the half year results of each of the three groups.

Three of Geneva’s largest banks and asset managers – Pictet Group, Lombard Odier Group and Mirabaud Group – have recorded strong results for the first half of the year.

Over the first six months of 2017, the three groups have shown healthy vitals, with net profits up year-on-year and solid asset inflows across the board. Even so, one group has seen a decline in the amount invested by asset management clients.

Here’s a closer look at how the big Geneva players have fared over the first half of the year and what’s been driving their performance.

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Three of Geneva’s largest banks and asset managers – Pictet Group, Lombard Odier Group and Mirabaud Group – have recorded strong results for the first half of the year.

Over the first six months of 2017, the three groups have shown healthy vitals, with net profits up year-on-year and solid asset inflows across the board. Even so, one group has seen a decline in the amount invested by asset management clients.

Here’s a closer look at how the big Geneva players have fared over the first half of the year and what’s been driving their performance.

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Pictet Group

First half 2017 consolidated net profit: CHF 247 million (+29% year-on-year)

Assets under management or custody: CHF 479 billion (+3.68% since December 2016)

The Pictet Group has recorded a 29% rise in net profits for the first half of 2017 compared with the same period in 2016.

The Geneva group’s operating results rose by 31% year-on-year, and its operating income increased by 14% over the same period.

The group received strong net inflows for both wealth and asset management, with its assets under management or custody rising from CHF 462 billion in December 2016 to CHF 479 billion today.

Commenting on the results, Nicolas Pictet, senior managing partner at the Pictet Group said: ‘Our improved results reflect new client acquisitions as well as strong markets. In a climate of low returns on financial assets, pressure on fees and a demanding regulatory environment, we have continued to invest in staff and recruitment as well as digital infrastructure.’

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Lombard Odier Group

First half 2017 consolidated net profit: CHF 69 million (+13% year-on-year)

Assets under management: CHF 164 billion

Lombard Odier's client assets rose by 4% to CHF 242 billion to the end of June 2017, up from CHF 233 billion at the end of December 2016.

Client assets grew across all three major business lines – private clients, asset management and technology for banking. Net new money flows were positive, largely down to a strong market performance and a risk-on investment environment, the group said in a statement.

However, the total invested by asset management clients has fallen by CHF 2 billion from CHF 48 billion at the end of June 2016 to CHF 46 billion one year on.

In terms of its asset management business, the group has launched a number of impact investment products since the beginning of the year and has acquired a UK-focused alternative investment management team.

Operating income for the first half of the year was up by 5% to CHF 536 million compared with the previous year, as a result of asset growth and increased client activity.

Commenting on the growth, Patrick Odier, senior managing partner at the Lombard Odier Group said: ‘The group’s financial performance reflects the constant improvement in our offering and client servicing, our investments in technology and digital solutions, and our strategy to serve an international and demanding client base, across a diversified set of activities in private clients, asset management and technology for banking.’

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Mirabaud Group

First half 2017 consolidated profit: CHF 22.3 million (+29% year-on-year)

Net assets under management: CHF 31.2 billion (+4.5% since December 2016)

The Mirabaud Group has recorded a 29% rise in group profit and a surge in assets under management over the first half of the year.

Net assets under management rose to CHF 31.2 billion by the end of June 2017, of which CHF 8.1 billion is in the asset management arm of the group.

Revenue amounted to CHF 151.6 million at the end of June 2017, which compares with CHF 139.5 million one year earlier.

On the results, Yves Mirabaud, senior managing partner at Mirabaud Group said: ‘These results show good returns on our investments and reflect the relevance of our strategy of controlled international development.’

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