Swiss wealth manager Mirabaud has reported consolidated net income of CHF40.5m for the year ended 31 December 2017, a surge of 28% over the year ago figures.
The group’s revenue in 2017 increased 5% to CHF305.3m from CHF289m a year earlier. This included net interest income of CHF27.8m, fee and commission income of CHF237.3m and net income from trading activities of CHF33.3m.
The group’s assets under management (AuM) as at 31 December 2017 totalled CHF33.3bn.
Of the total AuM, CHF9bn was managed by the asset management unit, while CHF24.3bn was managed by the wealth management business.
Operating expenses before depreciation, amortisation and tax rose 1% year-on-year to CHF247.2m.
Mirabaud senior managing partner Yves Mirabaud said: “During 2017, our private banking activities made excellent progress both in Switzerland and in Europe, including the UK, in Dubai and in Canada. Our Asset Management division launched a flexible emerging debt fund and its first private equity fund dedicated to Living Heritage Companies (Entreprises du Patrimoine Vivant); at the same time it won a large number of first class institutional mandates.
“In addition, we finalised the reorganisation of our brokerage division against a backdrop of positive progress on a number of fronts, including execution (especially electronic), research and IPOs.”