Annual results for the 2016 financial year
As at 31 December 2016, total assets under management were CHF 33.1 billion (including CHF 3.2 billion of double-counted assets), of which CHF 8.1 billion were managed by Asset Management and CHF 25.0 billion by Wealth Management. This compares with CHF 31.6 billion as at 30 June 2016.
The Group’s financial statements for 2016 show consolidated net income of CHF 31.6 million (up 16.7% compared with 2015). Revenue was stable at CHF 289.0 million, including net interest income of CHF 24.1 million, fee and commission income of CHF 227.7 million and net income from trading activities of CHF 30.3 million. Operating expenses before depreciation, amortisation and tax were CHF 244.4 million (compared with CHF 250.5 million in 2015). This was achieved through continued vigilance on costs.
“In a competitive environment dominated by new regulatory requirements, our results reflect the good performance of our businesses. Our international expansion strategy continues to bear fruit, as we are pursuing growth in all the markets in which Mirabaud operates,” declares Senior Managing Partner Yves Mirabaud.
Consolidated total assets were CHF 4,327 million. Liabilities primarily consisted of customer deposits. Two-thirds of the assets are deposited with the Swiss National Bank or invested in highly rated short-term government bonds, which ensure liquidity and security. The Group enjoys a stable Tier 1 ratio of 20%, well above the level required under Basel III.
During 2016, Mirabaud stepped up its wealth management, asset management, brokerage and corporate finance activities in its various markets. In keeping with its long-term vision, the Mirabaud Group will make further carefully selected investments in 2017 in order to continue to offer its clients services of the highest quality.