The Pictet Group recorded a net profit increase of 1% to 380 million Swiss francs in the first half of 2022 amid market instability and geopolitical crisis.
Consolidated net profits decreased by 40%, and assets under management stood at 610 billion Swiss francs in H1 2022, recording a decline of 88 billion Swiss francs from December 2021 due to rising interest rates.
Renaud de Planta, senior managing partner, said: “After two years of pandemic and following Russia’s invasion of Ukraine, the world entered a new and more fractured global order.
“Both events have inverted the macroeconomic backdrop of the past two decades, with a shift from low inflation and low-interest rates to high inflation and rising interest rates”.
The total market ratio of the Pictet Group was 23.5% as of 30 June 2022, well above the minimum of 12% required by FINMA.
Founded in 1805, Pictet is headquartered in Geneva and is a Europe-based independent wealth and asset manager.
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