Swiss asset manager Mirabaud has posted consolidated net income of CHF59.6m for the year ended 31 December 2018.
This marks a 47% jump from last year’s income.
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The firm attributed the rise to higher revenues from all three of its business units.
The group’s revenue was CHF342.3m in 2018, up 12% from CHF305.3m in the previous year.
This included net interest income of CHF31.5m, fee and commission income of CHF263.7m and net income from trading activities of CHF40.1m.
Assets under management (AuM) reached CHF32.3bn at the end of December 2018, a fall from 2017.
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By GlobalDataThe results were said to be hit by the market downturn at the end of 2018. However, it recovered in early 2019, Mirabaud said.
Of the total AuM, CHF6.6bn was managed by the asset management arm.
Operating expenses before depreciation, amortisation and tax rose 7% year-on-year to CHF263.9m.
Mirabaud senior managing partner Yves Mirabaud said: “The increase in our income reflects the Group’s financial strength, which proves the appropriateness of the growth strategy pursued by Mirabaud for the past 200 years.
“2018 was an extremely busy year with many achievements in a variety of different areas.”
Recently, Mirabaud announced plans to launch two wealth management subsidiaries in Uruguay.
It also expanded into Brazil through the acquisition of Brazilian asset manager Galloway Gestora de Recursos.
