Pictet announces first-half 2021 figures and change in Board of Partners
The Pictet Group today released unaudited figures for the first half of 2021 showing operating income of CHF 1’542 million (+16 compared to the first half of 2020), total expenses before tax of CHF 1’077 million (+7%) and a consolidated net profit of CHF 636 million (+142%).
Pictet also announced that managing partner Boris Collardi has decided to step down from his role and leave Pictet effective September 1, 2021.
The net results include an extraordinary gain from the sale and lease back transaction that Pictet executed during the first quarter of the year concerning its main building in Geneva. The proceeds from this transaction will allow Pictet to self-finance the expansion of its headquarter footprint with the construction of a new building in Geneva planned for 2025. The operating result, which excludes this one-off gain, was CHF 464 million (+45% compared to the first half of 2020).
Assets under management or custody stood at CHF 690 billion at 30 June 2021, compared with CHF 609 billion at 31 December 2020. The Group’s regulatory capital ratio remains solid. At 30 June 2021, the 22.2% total capital ratio was comfortably above the 12% FINMA requirement, based on CHF 2.73 billion regulatory capital.
Following careful consideration, including discussions with the Board of Partners, Boris Collardi has decided that he will step down from his role as a Partner and leave Pictet effective September 1, 2021. As announced in June, Elif Aktuğ and François Pictet will join the Board of Partners then, pending regulatory approval.
Renaud de Planta, Senior Managing Partner, said, "These are the best first half year results in the history of Pictet. Clients entrusted us with record net new money following our ongoing strong investment performance against benchmarks. The Group will continue expanding its presence in Asia and other priority markets, growing its leading alternative assets capabilities and significantly investing in technology.
We are grateful for the significant contribution that Boris has made to Pictet over the years since he joined us. We will miss him and we wish him all the best for the future. We look forward to continuing our consistent performance across the Group, pursuing our existing strategy for the long-term interests of our clients and the firm.”
Boris Collardi said, “I am proud of what we achieved in the past three plus years. As these first half-year results underline, the firm is as strong as ever. I want to thank all colleagues and the Board of Partners for their support and collaboration during my time at Pictet. Pictet Wealth Management is in a great position for long-term success and I am certain the firm will continue to advance with excellence.”