Pictet is clearing out its management in Asia. The Genevan wealth manager is installing Credit Suisse veterans to lead an expansion in the region, along 18 private bankers from the Swiss rival.
Pictet is naming Tee Fong-Seng to run its wealth management activities in Asia from October, the Genevan wealth manager said in a statement on Monday. As a result, current head Claude Haberer will move to a chairman role, Pictet said.
The appointment represents a long-awaited sign of assertion in the region from Boris Collardi, who became a Pictet partner just over one year ago. Collardi – an Asia veteran himself who had been critical of Pictet's position in Asia – was expected to make changes.
Poaching at Credit Suisse
Tee (pictured below) is a heavy-hitter: in senior wealth roles in Asia with both Credit Suisse and UBS, he nurtured deep relationships with the region's ultra-rich. Most recently, he was on the board of EFG International, a Swiss private bank controlled by Greece's wealthy Latsis family, for less than two years.
The bank also hired Alex Ng, another Credit Suisse veteran who recently left the Swiss bank along with a team of 18 private bankers for China, Hong Kong, and Taiwan who will also join Pictet. Ng will run Pictet's Hong Kong branch and its wealth management business in North Asia from November.
C-Suite Shuffle
The top-level changes sparked a series of further moves: Dominique Jooris, who is head of Pictet's South Asian wealth business and Singapore bank, will report to Tee. Sharon Chou, currently head of the North Asian wealth arm and Hong Kong branch, will become Tee's deputy.
«The partners pay tribute first to Claude Haberer for his major role in managing this strategic region,» Collardi said. «We also thank Sharon Chou and Dominique Jooris for their instrumental role in building our franchise in Asia.» Pictet's private bank employs more than 250 staff in Hong Kong and Singapore.
