At 31 December 2018, assets under management totalled CHF 32.3 billion, of which CHF 6.6 billion was managed by Asset Management. Assets were impacted by the market downturn at year-end, but this trend reversed on the back of the recovery at the start of this year.
The Group’s 2018 financial statements show consolidated net income of CHF 59.6 million (up 47% on 2017). Revenue increased to CHF 342.3 million (compared with CHF 305.3 million in 2017), including fee and commission income of CHF 263.7 million, net income from trading activities of CHF 40.1 million, and net interest income of CHF 31.5 million. Operating expenses before depreciation, amortisation and tax were CHF 263.9 million (compared with CHF 247.2 million in 2017).
Consolidated total assets were CHF 4,092 million. Liabilities primarily consisted of customer deposits. The majority of the Group’s assets are deposited with the Swiss National Bank or invested in highly-rated short-term government bonds, which ensure liquidity and security. The Group has a Common Equity Tier 1 (CET1) ratio of 20.4%. These levels are materially above the requirements set out by Basel III regulations and are a testament both to the profitability and financial soundness of Mirabaud, whose business model is based on managing risk and investing over the long term.
Yves Mirabaud, Senior Managing Partner, commented, “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. We started the renovation of our Geneva headquarters, which will be completed in the next few months; we began our expansion into new markets, particularly Brazil and Uruguay, with some subsidiaries opened at the beginning of 2019, and in Abu Dhabi in the near future; we expanded our advisory services by integrating a Swiss fintech company; in Asset Management, we successfully completed the final closing of our first private equity fund and hired a team specialising in real estate, with a view to a new fund, to name but a few examples. The number of Managing Partners has increased, now including Nicolas Mirabaud and Michael Palma. We embark on our bicentenary year serenely, proudly and responsibly, as we continue to provide our clients with the highest quality services on a daily basis.”