Net new money at Switzerland's Pictet drops in 2024

ZURICH (Reuters) - Net new money at Pictet fell last year to 11 billion Swiss francs ($12 billion), a decline of around 31% from the previous year, the Swiss private bank and asset manager said on Tuesday.

Last year, net new money at Pictet totalled 16 billion francs as the Geneva-based bank profited from the upheaval sparked by the collapse of Credit Suisse in 2023.

For the year ending December 31, net profit rose by 15% to 665 million francs, while Pictet's operating income stood at 3.16 billion francs, in line with the previous year.

Assets under management, meanwhile, rose by 14% to 724 billion francs, Pictet said, lifted by rising stock markets.

"Investment performance was excellent and positive market effects helped us reach an all-time high in assets under management," said Marc Pictet, Senior Managing Partner.

"Clients continue to value our distinct investment capabilities and the stability we provide in an ever-changing industry and volatile geopolitical landscape."

($1 = 0.9115 Swiss francs)

(Reporting by Oliver Hirt; Writing by Dave Graham; Editing by Friederike Heine)