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.