Finance
Net new money at Switzerland's Pictet drops in 2024
Published by Global Banking & Finance Review®
Posted on February 11, 2025
1 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 11, 2025
1 min readLast updated: January 26, 2026
Pictet's net new money fell by 31% to 11 billion Swiss francs in 2024. Despite this, net profit rose by 15%, and assets under management increased by 14%, reaching 724 billion francs.
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)
The main topic is the decline in net new money at Pictet in 2024, despite an increase in net profit and assets under management.
Pictet's net new money declined due to market conditions and competition, following a previous boost from Credit Suisse's collapse.
In 2024, Pictet saw a 15% increase in net profit and a 14% rise in assets under management, despite a drop in net new money.
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