Pictet private bank will move into new, prestigious quarters in Zurich – right under the nose of big rival Julius Baer. Pictet partner Boris Collardi will likely appreciate the move.
Pictet will welcome clients in the center of Zurich’s banking district at Bahnhofstrasse, in a property called «Leuenhof», the private bank said in a statement on Thursday (in German). The landmark building once was home of Bank Leu, one of the city’s oldest banking house, today part of Credit Suisse. Pictet currently has its Zurich digs at Freigutstrasse.
The bank probably will move into the new offices at the end of 2020 after what it says will be a careful renovation of the building. The company will assume the offices on the upper floors as well as the fully functioning vault in the basement. The property is owned by Swiss Prime, which bought it off Credit Suisse in 2016.
Boris Collardi Is Back
The move underlines the importance of Zurich and the German-speaking part of Switzerland for Pictet as a whole, according to Marc Pictet, a partner at the Geneva-based private bank.
Taking the offices in the Leuenhof landmark is a pretty spectacular move, given that it will put the company’s main offices right across the street of biggest Swiss rival Julius Baer. And, new partner and ex-Julius Baer CEO Boris Collardi is basically back to where he came from when he joined the Geneva bank late last year.
Focus on German-Speaking Switzerland
Collardi will start working at Pictet in June and take charge of wealth management jointly with Rémy Best. He is due to travel frequently between the two cities, which after all is a 3-hour train ride.
His hiring was seen as a move to strengthen Pictet’s standing in German-speaking Switzerland and to gain more clients in the wealthy parts of that region. For clients or relationship managers who decide to move along with Collardi, the switch will involve a very short stroll.
