Assets under management and profits reach historic high
The Pictet Group today released unaudited figures for the full year 2017, ahead of the publication of its annual report at the end of April 2018.
For the calendar year ended 31 December 2017, the Pictet Group reported a 16% rise in operating income to CHF 2.523 billion, and a 36% increase in consolidated net profit to CHF 572 million.
Assets under management or custody rose by CHF 47 billion to a record high of CHF 509 billion at 31 December 2017, owing to a combination of strong markets and healthy net inflows. Net new money in asset and wealth management reached CHF 14.1 billion.
The core tier 1 capital ratio stood at 20.2% (based on CHF 2.28 billion of core tier 1 equity, which is the strongest form of equity), while the liquidity coverage ratio was 144%, both at 31 December 2017.
“Our diversification across wealth and asset management reinforces the Group’s stability and therefore our financial strength.”
These ratios compare with the minimum 7.8% core tier 1 capital ratio set by Pictet’s Swiss regulator FINMA and the minimum 100% liquidity coverage ratio under the BIS’s Basel III requirements.
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.”