ANNUAL RESULTS 2019: ASSETS ON THE RISE
At 31 December 2019, assets under management totalled CHF 34.7 billion (up 7% on 31 December 2018), of which CHF 7.2 billion was managed by Asset Management.
The Group's 2019 financial statements show consolidated net income of CHF 50.8 million. "These results are very satisfactory and are in line with our objectives", says Yves Mirabaud, Senior Managing Partner. "2019 was a memorable year for Mirabaud, filled with festivities celebrating our bicentenary, to which we invited our clients and employees. We also invited the Genevan public by offering free entry to Geneva's Museum of Modern and Contemporary Art (MAMCO) and gifting the City a work of art by the artist Not Vital."
Revenues amounted to CHF 324.4 million (compared with CHF 342.3 million in 2018), including fee and commission income of CHF 240.7 million, net income from trading activities of CHF 44.2 million and net interest income of CHF 27.9 million. Operating expenses before depreciation, amortisation and tax were CHF 258.9 million (compared with CHF 263.9 million in 2018).
"In 2019, we continued to invest to be closer to our global clientele and provide them with unparalleled services", said Nicolas Mirabaud, Managing Partner and Head of Wealth Management. "This was reflected in the opening of new offices in the United Arab Emirates, Uruguay and Brazil."
Consolidated total assets were CHF 4.159 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 20.6%. These levels are materially above the requirements set out by Basel III regulations and are testament both to the profitability and financial soundness of Mirabaud, whose business model is based on managing risk and investing over the long term.
With respect to governance, Camille Vial, Managing Partner, was appointed Chair of the Executive Committee of Mirabaud & Cie SA in July 2019. She, together with Nicolas Mirabaud, personifies Mirabaud's generational renewal: "My top priorities are the same as those that Mirabaud has always been guided by: to support our customers and to provide them with bespoke services offering innovative, ethical and effective solutions that are centred on firm convictions and committed responsibility."
Mirabaud Asset Management launched new funds in 2019, including emerging debt and private equity funds, with a focus on innovation and lifestyle in the luxury sector. "Our boutique approach allows us to successfully deliver highly efficient investment solutions with a positive impact on the real economy, while also fulfilling ESG criteria", says Lionel Aeschlimann, Managing Partner and CEO of Mirabaud Asset Management. In 2019, we obtained the highest possible score (A+) in the United Nations PRI (Principles for Responsible Investment), to which we have been signed up to since 2011."