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

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 ($558.23 billion) 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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