Pictet's profits dive as AUM grows by 10%

Profits down by over 12%

Swiss private bank Pictet has seen it net profits slashed by over 12% in the first half of 2024, compared to the same time last year.

Net profit stood at CHF320m (£286m) in the first half of 2024, down by over 12% from the CHF366m (£327.1m) pulled in between January and June 2023.  Pictet's senior managing partner Marc Pictet said: "We experienced significantly lower interest income as clients invested a higher potion of their cash positions in revenue generating assets."  Despite the fall in profits, the firm's assets under management grew by 10% compared to the end of December 2023, rising to CHF694bn (£620.4bn).  Pictet AM unveils European blended fixed income fund The senior managing partner added that the...