Geneva (ots) - During the official opening of its new
headquarters, Mirabaud commented on the subject of business
development. Despite the difficult market conditions and a strong
Swiss franc, for 31.12.08 the Bank is aiming to maintain its assets
under management at the end-2007 level of CHF 25bn (EUR 15,6 bn), and
expects its workforce to exceed 500 employees. Furthermore, an
additional senior management structure is to be put in place to
provide a platform for future growth. 2009 will be a year of
reflection on new management structures. This initiative will be led
by Antonio Palma, who will become a Managing Partner of Mirabaud &
Cie, banquiers privés on 1 January 2010.
Several years of steady growth
For a number of years now, Mirabaud has achieved annual growth of
more than 10% in terms of both client assets and the size of its
workforce. "It has been, and is possible to deliver this level of
growth only with a coherent strategy and clear objectives in place.
We want to grow by 10-12% each year, which equates to a doubling of
client assets every 6-7 years. This should take us to CHF 50bn (EUR
31,2 bn) in 2015", stated Thierry Fauchier-Magnan, Managing Partner
and Chairman of Mirabaud's Executive Committee.
Results for the first half of 2008
As at 31 December 2007, Mirabaud had assets under management of
CHF 25 billion (EUR 15,6 bn), a 13.5% increase year-on-year. The
Bank's client base comprises both private (80%) and institutional
(20%) clients. At the end of 2007, the workforce numbered 460 (+12%).
At the end of the first half of 2008, assets under management
stood at CHF 24bn (EUR 15 bn)., despite the difficult market
environment and strong Swiss franc, while net new money topped CHF
1bn (EUR 0,6 bn). Taking into account internal growth indicators, and
given that the markets now seem to be stabilising, Mirabaud expects
AUM to reach CHF 25bn (EUR 15,6 bn) again in December.
The workforce currently numbers 482 (+5% versus January 2008) and
is likely to exceed 500 before year end.
New management structures to support growth
The Managing Partners of Mirabaud & Cie, banquiers privés
constantly monitor the need for change as the business develops. "It
goes without saying that the composition and modus operandi of the
Managing Partners must be evaluated on an ongoing basis", commented
Yves Mirabaud, Managing Partner. "If we want to continue developing
the business, we must regularly reflect on whether our management
structures can achieve growth. Total assets under management have
increased six-fold in 12 years, but we will not see them grow from
CHF 25bn to CHF 50bn with our current organisational structure".
2009 will be a year of analysis and the gradual implementation of
new management models at Mirabaud. The Managing Partners have asked
Antonio Palma, currently a Limited Partner and Member of the
Executive Committee, to take part in the process. It has already been
decided that Antonio Palma will become a Managing Partner of Mirabaud
& Cie, banquiers privés on 1 January 2010. "In addition to welcoming
new Managing Partners, we will also consider the greater
participation of senior managers at Mirabaud", said Antonio Palma.
The changes linked to the new management structures will be
announced throughout 2009 as they happen.
After obtaining his architect's diploma, Antonio Palma joined a
major Swiss bank in 1978, where he was awarded the Swiss Federal
Banking Diploma. He continued his training at PriceWaterhouse in
1982, where he was involved in auditing ten banks in Geneva, and
obtained the Swiss Federal Accountancy Diploma. In 1987, he was
appointed Head of Logistics at United Overseas Bank. He then joined
Mirabaud & Cie, banquiers privés in 1993, where he is currently a
Limited Partner and Member of the Executive Committee. Since 2007, he
has also been President of the Higher Institute of Bank Training
(Institut Supérieur de Formation Bancaire) in Geneva.
Mirabaud in brief
Mirabaud & Cie, banquiers privés was founded in Geneva in 1819.
Originally a bank operating solely in Switzerland, Mirabaud has since
developed its brand on three continents. As a wealth and asset
manager for international clients, Mirabaud offers tailor-made
services in private banking, institutional asset management and fund
management, and has more than 30 years' experience in alternative
investment management, brokerage, corporate finance and custody.
Assets under management: CHF 25bn - EUR 15,6 bn (31.12.2007)
No. of employees: 482 (285 in Switzerland)
Offices: 10 (Geneva, Zurich, Basel, Paris, Monaco,
London, Montreal, Nassau, Hong Kong, Dubai)
For more information, please visit www.mirabaud.com
ots Originaltext: Mirabaud & Cie
Head of Communication
Mirabaud & Cie, banquiers privés
29 Boulevard Georges-Favon