ZURICH -Swiss private bank and asset manager Pictet said on Tuesday the group's assets under management, or custody, fell 12% to 612 billion Swiss francs ($12.96 billion) in 2022, from a record high the previous year.
Operating income at the Geneva-based group dipped 2% to 3.19 billion francs, while net profit was down 1% to 768 million francs, when adjusted for the 2021 extraordinary gain from the sale and leaseback of its main building in Geneva.
"In view of the very difficult circumstances, we achieved a good annual result," senior managing partner Renaud de Planta told Reuters.
In 2022, 4 billion Swiss francs of net new money flowed into Pictet compared to 29 billion francs in 2021. De Planta attributed the drop to natural fluctuations and clients deleveraging because of rising interest costs and economic uncertainty.
The senior managing partner says the 2022 inflows have "only marginally" come from Credit Suisse, which in November said wealthy clients had made hefty withdrawals.
Although many banks have been cutting jobs, de Planta said Pictet hired 306 net new people last year, and is planning to add 75 more this year.
"If the geopolitical situation calms down a bit, it should be a very good year," he said, "and rising interest income will of course help all banks."
The Swiss banker said clients were more interested in fixed income mandates and funds. "70% of global bonds are again delivering yields of over 4%," he said. "We haven't seen that in 12 years."
The group on Tuesday also announced that Bertrand Demole, one of its eight managing partners, has decided to step down at the end of June.
