Mirabaud, like many of its peers in the Swiss asset management industry, has seen its first-half results adversely affected by the de-pegging of the Swiss franc.

Assets under management at Geneva-based Mirabaud Group took a SFr1.3 billion ($1.35 billion) tumble from the end of last year to SFr31.4 billion at the end of June 2015, following the sharp appreciation of the Swiss franc.

Mirabaud is the latest Swiss investment house to blame the stronger currency, which came as a result of the Swiss National Bank's removal of the SFr1.20 per euro floor in January, for a drop in its assets under management during the first half of the year. Recently, Pictet and Lombard Odier reported their assets under management had shrunk over the half-year.

Over a year ago, Mirabaud was among the first banks in the Alpine state to move away from the traditionally secretive Swiss banking model and publish its earnings for the first time. 

The group's assets under management, which are predominantly denominated in foreign currencies, comprised SFr8 billion in asset management and SFr23.4 billion in wealth management at the end of June 2015.

Still, Mirabaud generated a consolidated net income of SFr19.6 million, up from SFr17.5 million in the first half of 2014, and revenues of SFr154.9 million, up 5 per cent year-on-year. Based on tier one capital of SFr176 million, the group posted a tier one capital ratio of 19.6 per cent.

“Our results are encouraging, given the difficult climate caused by the appreciation of the Swiss franc, along with the introduction of negative interest rates, which penalise all those who, like us, prioritise risk control and cautious balance-sheet management,” said senior partner Yves Mirabaud.

“Our half-year accounts reflect both particularly consistent activity in the equity and foreign-exchange markets as well as our ability to adapt and react to change.”