Feb. 15 (Bloomberg) — Pictet & Cie., Switzerland’s biggest closely held private bank, said assets under management increased 8.7 percent in the second half as inflows topped the previous year.

Feb. 15 (Bloomberg) — Pictet & Cie., Switzerland’s biggest closely held private bank, said assets under management increased 8.7 percent in the second half as inflows topped the previous year.

Assets under management rose to 251 billion Swiss francs ($233 billion) at the end of December, from 230.9 billion francs six months earlier. Net new money totaled 20 billion francs for the year, compared with 17 billion francs in 2008 the Geneva- based bank said today in an e-mailed statement.

The 205-year-old bank hired money managers from Julius Baer Group Ltd. and Boston Consulting Group last year after assets fell from a high of 276 billion francs at the end of September 2007. The bank’s senior partner, Ivan Pictet, will retire at the end of June, it said this month, and be succeeded by Managing Partner Jacques de Saussure.

To read the full story, visit businesweek.com