Pictet’s profitability improved during the first six months of the year as a result of cost cuttingPhoto: Bloomberg via Getty Images

Assets overseen by Pictet dropped 2% over the first six months of the year, with the Swiss private bank citing a weak US dollar for the fall.

The Geneva-headquartered firm said assets under management of 711m Swiss francs ($885m) at the end of June were 2% lower than at the end of 2024.