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Mirabaud Group

From Wikipedia, the free encyclopedia
Mirabaud Group
Company typeSociété en commandite par actions
IndustryFinancial services
Founded1819; 205 years ago (1819)
Headquarters
Geneva
,
Switzerland
Area served
worldwide
ServicesPrivate banking, asset management, wealth management, investments, securities
AUMCHF31.5 billion (2022)[1]
Total assets34 mds CHF[2] (2019)
Number of employees
700 (2019)
Websitehttps://www.mirabaud.com/

Mirabaud is a Swiss private bank based in Geneva, Switzerland. Mirabaud provides services in wealth management, asset management and brokerage to private clients and institutions around the world.[3]

Founded in 1819, it gradually developed into the third largest private bank in Geneva.[4][5] Six partners are involved in the group's day-to-day management.[6]

History

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Mirabaud et Cie was founded in 1819 and is one of the oldest banks in Switzerland.[7] Family-owned and operated, the bank has played a key part in the construction and development of the Swiss financial system, helping co-found the Geneva Stock Exchange in 1857.[8][9]

In 1973, it pioneered the development of Swiss hedge funds.[10] In 1985, Mirabaud opened its first foreign bureau in Montréal, followed in 1990 by the reinforcement of its historical presence in London[8]

The first Asian office was opened in Hong Kong in 1997 and one year later, the bank reinforced its presence in Switzerland by opening its first subsidiary in Zurich.[8]

In 2001, Mirabaud significantly grew its asset management teams in Geneva and London. The same year, the Group created LPP Gestion SA to operate in the field of liability management services for pension funds.[11]

From 2003 onwards the Group continued to solidify its presence in the EU, Switzerland, and the Middle East: a new subsidiary opened in Paris, a majority stake in Jenni & Cie (Basel) was purchased in 2004, and another banking office opened in Dubai in 2007.[12][13]

In 2010, the Group acquired Venture Finanzas in Spain and pursued its strategic implantation by opening offices in Madrid, Barcelona, Valencia and Seville.[14]

In 2011, Mirabaud consolidated its asset management activities in Luxembourg by creating Mirabaud Asset Management (Europe) SA. A bank (Mirabaud & Cie (Europe) SA) followed in 2014. In 2015, the Group announced the acquisition of two further banking licenses in Spain and France.[8]

The group underwent a major structural change in 2014: Mirabaud's activities became integrated into Mirabaud SCA, a Swiss corporate partnership.[15][16] For the first time, the Groupe also publishes its annual results.[17]

Activities

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Mirabaud’s headquarters are located in Geneva, Switzerland, but the Group has offices around the world. These include subsidiaries in Switzerland (Geneva, Basel, Zurich), Europe (London, Luxembourg, Paris, Madrid, Barcelona, Valencia, Seville and Milan), and elsewhere around the globe (Montreal, Hong Kong, and Dubai amongst others.[18][19] The Group concentrates on three main divisions: wealth management, asset management, and brokerage.[3]

Controversy

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In September 2024, Swiss financial market regulator FINMA announced that it had confiscated 12.7 million Swiss francs ($15 million) from Mirabaud for breaches of financial market law and money-laundering obligations.[20]

FINMA said that its investigations "revealed that the Mirabaud inadequately reviewed and documented the beneficial ownership and economic background of numerous transactions despite indications of increased money-laundering risks in particular in connection with qualified tax avoidance and concrete warnings since 2018 concerning the relevant client relationships".[21]

Sponsorship

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Mirabaud is since 2005 the main sponsor of the Bol d’Or Mirabaud – the longest fresh water sailboat regatta in Europe that is held annually on Lake Geneva.[22][23] In 2019, to celebrate its 200th anniversary the bank made the Geneva Museum of Modern Arts free to all visitors.[24]

References

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  1. ^ "assets under management" (PDF). www.mirabaud.com. 31 December 2022. p. in PDF on page 1.
  2. ^ "Results & Key Figures". Mirabaud Group. Retrieved 2019-10-30.
  3. ^ a b "Mirabaud Gestion souhaite se renforcer auprès des investisseurs institutionnels". La Tribune. 22 November 2010. Retrieved 11 January 2016.
  4. ^ Lelièvre, Frédéric (31 March 2015). "Mirabaud, la mutation au pas de charge". Le Temps. Retrieved 10 January 2016.
  5. ^ "Mirabaud & Cie SA". abps.ch. Swiss Private Bankers Association. Retrieved 26 September 2016.
  6. ^ "Nouveaux associés à la banque Mirabaud". Le Temps (in French). 2018-11-06. ISSN 1423-3967. Retrieved 2019-05-15.
  7. ^ Pierre-Alexandre Sallier (31 August 2015). "La banque Mirabaud se plaint du franc fort" [Mirabaud complains from strong Franc]. Tribune de Genève. Retrieved 7 June 2016.
  8. ^ a b c d "Mirabaud & Cie: La consécration par la pierre" [Mirabaud: & Cie: recognition set in stone]. PME Magazine. 17 December 2007. Archived from the original on 4 July 2016. Retrieved 7 June 2016.
  9. ^ "Six siècles d'activités bancaires à Genève" [Six centuries of banking in Geneva]. Journal de Genève (in Swiss French). No. 169. 1981-07-23. p. 7. Retrieved 2016-06-07 – via Le Temps Archives.
  10. ^ "Citywire sube el rating a tres gestores de Mirabaud AM" [Citywire increases the rating of three Mirabaud AM managers]. fundsociety.com. 22 September 2015. Retrieved 7 June 2016.
  11. ^ "Promoters – Fondation pour Cadres et Dirigeants d'Entreprises - FCDE Prévoyance". www.fcde-prevoyance.ch. Archived from the original on 2016-08-26. Retrieved 2016-09-26.
  12. ^ "Mirabaud Asset Management se développe à Dubai" (in French). 2014-09-08. Archived from the original on 2016-07-04. Retrieved 2016-09-26.
  13. ^ "Mirabaud mit neuer Niederlassung in Basel". Handelszeitung. 28 November 2007. Retrieved 7 June 2016.
  14. ^ "Die Marke Venture Finanzas verschwindet" [Venture Finanzas to disappear]. finews.ch. 29 June 2010. Retrieved 7 June 2016.
  15. ^ "Changement de structure à la banque Mirabaud". 24heures.ch. 24 heures. 2 July 2013. Retrieved 2016-08-30.
  16. ^ "Changement de structure à la banque Mirabaud". 24heures.ch/. Retrieved 2016-09-26.
  17. ^ "Lombard Odier et Mirabaud publient leurs premiers résultats". L'Hebdo. 28 August 2014. Retrieved 26 September 2016.
  18. ^ Jeannerat, Ignace (28 August 2014). "Mirabaud annonce un bénéfice net de 17.5 millions". Le Temps. Retrieved 26 September 2016.
  19. ^ "Bénéfice semestriel en hausse pour Mirabaud". La Liberté. 31 August 2015. Retrieved 26 September 2016.
  20. ^ "Swiss regulator seizes $15 mln from private bank Mirabaud over laundering case". Reuters. Retrieved 18 September 2024.
  21. ^ "Mirabaud & Cie SA seriously violated financial market law". FINMA. Retrieved 18 September 2024.
  22. ^ Chantal Mathez de Senger (16 June 2014). "Les banquiers privés mettent les voiles" [Private bankers set sail]. Bilan. Retrieved 7 June 2016.
  23. ^ "Pourquoi la banque Mirabaud soutient le Bol d'Or – Mon Change". monchange.ch. Retrieved 2016-09-26.
  24. ^ Languin, Irène (2019-01-14). "En 2019, l'entrée sera gratuite au Mamco". Tribune de Genève (in French). ISSN 1010-2248. Retrieved 2019-05-15.
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