By Warren Giles Aug. 12 (Bloomberg) — Pictet & Cie., Switzerland’s biggest closely held private bank, said assets under management climbed by 11 percent in the first half, halting a decline that began in the fourth quarter of 2007. Assets under management rose to 230.9 billion Swiss francs ($213 billion) by June 30, from 207.6 billion francs six months earlier, said Pictet spokesman Frank Renggli. That compares with a 15 percent jump in assets at Basel-based rival Bank Sarasin & Cie , an 8.8 percent gain at Julius Baer Holding AG and a 6.6 percent increase at EFG International AG in Zurich. Pictet, founded in 1805, has hired bankers from Julius Baer and The Boston Consulting Group this year after assets fell from 276 billion francs at the end of September 2007. The Geneva- based bank is bidding to lure clients as UBS AG, Switzerland’s biggest bank by assets, reported 22.3 billion francs of outflows in the second quarter, a fifth straight period of redemptions. “Pictet has been benefiting from a business model that seems stable with a focus on private banking,†said Bernhard Bauhofer , founder of Sparring Partners GmbH, which advises companies on reputation management. “They’ve benefited from the problems at UBS and other competitors such as Julius Baer.†Julius Baer’s private banking unit, which managed 142 billion francs in client assets at the end of June after attracting inflows of 3.8 billion francs in the first half, will split from its asset management business at the end of September after withdrawals at the GAM hedge fund unit hurt investor confidence. Pictet declined to give a figure for net new money in the first half, after attracting 17 billion francs in 2008. To contact the reporter on this story: Warren Giles in Geneva at wgiles@bloomberg.net
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Pictet Says Assets Under Management Rose 11%, Halting Decline Since 2007
