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Swiss wealth management clients experienced one of the worst stock market years in decades in 2022, with a decline 15% average wallets. One would have expected that the results of the management banks would also be disastrous. However, the figures published recently show that these establishments have generally maintained their level of profitability (as Pictet), some have limited its decline (Julius Baerwhich obtained the second best result in its history last year), others have even improved it (UBP). Most of them have, in any case, avoided a big air pocket, thanks to a joker: the magic of interest rates.
