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Swiss bank Pictet boosts assets under management, first half profit slips

Swiss bank Pictet boosts assets under management, first half profit slips
FILE PHOTO: A sign bearing the logo of family owned private bank Pictet is pictured at the company headquarters in Geneva May 7, 2012. REUTERS/Denis Balibouse -
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Denis Balibouse(Reuters)
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ZURICH (Reuters) – Group assets under custody or management at Swiss private bank and asset manager Pictet rose nearly 10% in the first half versus the end of 2018, it said on Monday.

Assets advanced to 544 billion Swiss francs (454.70 billion pounds) as of the end of June at the Geneva-based bank. It did not give more a more detailed breakdown.

Consolidated first-half profit fell 17% from a year earlier to 265 million Swiss francs.

“Negative interest rates and a defensive stance on the part of investors had an impact on results in the first half of the year,” Senior Partner Renaud de Planta said.

(Reporting by Michael Shields)

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