Imfeld has moved to form a new organisation called One Family Governance, a spokesperson for Pictet confirmed to WealthBriefing yesterday.

In September the Geneva-based firm reported a 5 per cent year-on-year fall in operating income, down to SFr1.282 billion ($1.3 billion) in the first half of this year. The firm blamed Swiss negative interest rates and challenging market conditions for some of its figures. Costs rose by 1 per cent to SFr943 million, and consolidated net profit fell by 17 per cent to SFr265 million.