Pictet is underscoring its Asian growth ambitions since Boris Collardi joined as a partner. The Genevan wealth manager wants to double its private bankers in the region.
Pictet is looking to add ten to 15 private bankers in Asia every year over the next four to five years to the 52 it currently employs in the region, Boris Collardi, who joined the Genevan partnership last year as co-head of wealth management, told Singapore's «The Business Times» on Tuesday.
«We can say that today Pictet in terms of market penetration and size is not where it should be or deserves to be in Asia,» Collard said. The bank will seek to enhance its platform in the region as part of its growth strategy.
Using Balance Sheet
Pictet had already obtained a wholesale banking license in Singapore last year which allows it to offer Singapore dollar-denominated deposits and loans, though the wealth manager notes that balance sheet – a key draw from wealthy clients – will only be extended selectively.
Pictet will also import its advisory solution to Asia next year, which has already launched in Switzerland this month. The move is expected to complement the bank’s already-strong discretionary business which boasts a 20 percent asset penetration rate, compared to the region's average of ten percent.
