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Alternative Market Briefing

Swiss group Pictet releases first public annual and financial reports

Wednesday, April 29, 2015

Benedicte Gravrand, Opalesque Geneva:

Pictet Group, a Swiss private bank, has just released its first public annual report and financial report since it opened for business in Geneva in 1805.

It had already published the main numbers earlier this year and posted its earnings publicly for the first time last August. That same month, Lombard Odier, another Swiss private bank, also posted its earnings for the first time in its 218-year history. Lombad Odier reported its results for 2014 in March. Both banks dropped their centuries-old partnership structures in January 2014. According to Bloomberg News, the disclosures came amid declining profit at some Swiss banks and a Justice Department probe into tax evasion by U.S. citizens.

On 1 January 2014, the Swiss bank, Pictet & Cie, became a limited liability company under the name Banque Pictet & Cie SA and the management of the Pictet Group came under a corporate partnership.

Pictet is a partnership of seven owner managers, with 48 equity own......................

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