Swiss-based Pictet Group released its figures for H1 2024 showing operating income of CHF1.570bn, a 3% drop year-on-year.

In addition, total operating expenses before tax totalled CHF1.175bn in H1 2024, a 3% increase from H1 2023 for Pictet.

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Net profit was CHF320m and assets under management or custody stood at CHF694bn (+10% vs 31.12.2023) on 30 June 2024.

Marc Pictet, senior managing partner, said: “We are satisfied with our results as we saw a robust increase in assets under management (AuM) due to good investment performance, favourable market conditions and new money inflows.

“At the same time, we experienced significantly lower interest income as clients invested a higher portion of their cash positions in revenue generating assets. Operating expenses grew as we continued to invest in our Private Assets and Asia businesses as well as technology and infrastructure.”

In February 2024, Pictet formed the Pictet Research Institute, a fresh group wide project.

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The Geneva-based organisation will work on everything from portfolio execution strategies to macro- and geopolitical issues.

It will rely on the internal specialists of the Pictet Group in addition to working with a limited group of academics and intellectuals. Moreover, it will also employ an in-house team of PhD-level researchers.

Maria Vassalou will lead the Pictet Research Institute, having previously served as co-CIO of multi-asset solutions at Goldman Sachs Asset Management.

She earned a PhD in financial economics from the London Business School. Vassalou will report to Pictet’s managing partner, Sébastien Eisinger.