The bank noted that tough financial markets in 2022 took a bite out of assets under management, but inflows remained positive in net terms.

French-Swiss private banking house Edmond de Rothschild yesterday said it logged gross operating income for 2022 of SFr172 million ($188.35 million), rising 1 per cent on a year ago, excluding non-recurring items.

The pressure on revenues linked to the financial markets was offset by the commercial momentum, the positive interest rates impact on credit and treasury revenues, and by operating expenses management, it said in a statement. 

Net income stood at SFr55 million, falling 14 per cent on a year ago, excluding one-off items. 

The blue-blooded group said it booked net inflows within private banking, and asset management, of SFr5.8 billion. Assets under management amounted to SFr158 billion (slipping by 9 per cent as markets fell last year, and because of an adverse shift in the Swiss franc exchange rate against the euro).

The group's financial structure “remains solid,” it said, with a solvency ratio of 22 per cent, and liquid, with a liquidity coverage ratio (LCR) of over 180 per cent.

Among management changes, Ariane de Rothschild became chief executive of Edmond de Rothschild (Suisse) SA.

After seven years with the group, François Pauly has decided to give a new direction to his career as an independent director in Switzerland and abroad and is stepping down. He will remain associated with the group as an independent director of the real estate division, Edmond de Rothschild REIM.