Pictet Says Assets Under Management Climb by 8.5% in First Half

Pictet & Cie., Switzerland’s largest closely held private bank, said client assets under management increased by 8.5 percent in the first half of the year.

Assets under management rose to 268 billion francs ($274 billion) at the end of June, from 247 billion francs six months earlier, with most of the gain coming in the first quarter, an official at the Geneva-based bank said by phone today.

Pictet, established in 1805, is Switzerland’s third-largest wealth manager after UBS AG and Credit Suisse Group AG. The company declined to provide figures for net new money during the period.

Total client assets, including those held in custody, climbed to 357 billion francs from 336.3 billion francs at the end of December.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.