February 12, 2016 / 9:28 AM / 2 years ago

Pictet sees profit dip in 2015 but rise in managed assets

ZURICH, Feb 12 (Reuters) - Swiss private bank Pictet on Friday posted a 2 percent year-on-year drop in annual net profit but a slight rise in its managed asset base, in only the second time it has publicly disclosed full-year results.

Consolidated net profit in 2015 fell to 452 million Swiss francs ($462.64 million) but assets under management or custody rose by 2 billion francs to 437 billion francs.

“We have seen positive net inflows in all our strategic markets - Switzerland, European Union and Asia - and from each business line - wealth management, asset management and asset service,” senior managing partner Jacques de Saussure said in a statement.

Geneva-based Pictet, which was founded in 1805 and is one of Switzerland’s biggest wealth managers, has been dragged into the spotlight because its switch to a limited partnership in 2014 required some public reporting.

($1 = 0.9770 Swiss francs)

Reporting by Joshua Franklin; editing by Brenna Hughes Neghaiwi

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