Swiss private bank Pictet has published a financial report for the first time in more than 200 years.According to the half-year financial statement, the banking group generates 85% of its operating income from service income relating to wealth and asset management.Assets under management (AUM) at Pictet Asset Management amounted to CHF144bn (€117bn) after the first six months.Pictet, founded in 1805, began to operate as an institutional asset manager in 1967, when it became the founding member of the first independent investment foundation in Switzerland. As of the end of June, assets under management or custody in the whole banking group totalled CHF404bn, excluding double counting, which is CHF13bn more than at year-end 2013.“Taking double counting into account, amounts are split between wealth management (34%), asset management (33%) and asset servicing (33%),” the bank said.For previous years, the banking group reported assets under management or custody of CHF391bn for 2013, CHF374bn for 2012 and CHF337bn for 2011.The consolidated profit in the group for the first six months of 2014 stood at CHF203m. The banking group was forced to disclose its financial status publicly for the first time as – in line with other Swiss private banks – as it changed its legal status as of January 2014.Both Pictet and Lombard Odier have changed to partnerships limited by shares according to Swiss law (“Kommanditgesellschaft auf Aktien nach Schweizer Recht”).This step was taken to limit the liability of owners in the event of losses or claims for damages.The eight partners in the Pictet Kommanditgesellschaft, as well as their eight counterparts at Lombard Odier, keep control over the banking groups as shareholders, and all operating business are now run as listed stock companies.As of the end of June, Lombard Odier, founded in 1796, managed CHF47.8bn for asset management clients.For the first six months of 2014, it reported CHF62.5m in consolidated net profit.
The Scotland international completed his switch from Merseyside to Norfolk earlier this week, for fee reported to be around £8million. Although Naismith – who was close to moving to Carrow Road in the last transfer window – netted a hat-trick against Chelsea in September, the forward had not featured since December 28, having recently shaken off an ankle injury. Press Association Canaries boss Neil confirmed both Naismith and Portuguese full-back Ivo Pinto, signed from Dinamo Zagreb earlier in the window, were in his plans for the televised lunchtime kick-off against Liverpool. However, a decision has yet to be made over Swiss defender Timm Klose, who joined from Wolfsburg on Monday but has only had a couple of full training sessions with his new team-mates. Naismith made 123 appearances for the Toffees, scoring 25 goals – including a memorable equaliser against city rivals Liverpool during his first Merseyside derby at Goodison Park in October 2012. The 29-year-old would relish another opportunity to put one past the Reds if given the nod by Neil, whom he played against during their time in Scotland. “Speaking to the manager here, I am going to get an opportunity to play which I need to prove I am worth, then once you get that chance I need to do well to stay in the team and I am relishing that opportunity,” Naismith said at a press conference. “Just being involved is great, it is a nice coincidence that it (his first match) is against Liverpool. “It will be a tough game, one which we need to be ready for from the off, they have some great players, but at home especially Norwich have looked very strong in all their games, so I am looking forward to hopefully being involved in some way. “I scored my first goal (for Everton) against them, so if I could replicate that, it would be another good start.” Naismith added: “The manager knows what my attributes are, so hopefully I will bring an attacking threat, some chances and goals.” Liverpool have struggled for consistency in the league over recent weeks, but have progressed in both cup competitions. Canaries boss Neil, though, is expecting a stern test from Jurgen Klopp’s men as his side aim to arrest a run of three successive league defeats. “It is a team in transition at the moment, with a mixed bag of performances, and they are still trying to find their best line-up,” he said. “Liverpool are more direct now than Brendan Rodgers’ team and they play higher up the pitch, but both teams pose you difficult questions in different ways. We just need to make sure we are prepared for that.” On loan Liverpool defender Andre Wisdom is not eligible to face his parent club. Forward Gary Hooper has, meanwhile, completed a permanent move to Sheffield Wednesday following a loan spell. Former Everton frontman Steven Naismith is ready to help fire new club Norwich to victory against Liverpool should he get the go ahead from manager Alex Neil.