The Genevan wealth manager is hiring a top German private banker from rival Deutsche Bank. The move comes shortly after one of Pictet's top wealth managers in Frankfurt left for a rival boutique.
The Swiss bank is hiring Stefan Werner, effective January 1, according to «Private Banking Magazin,» (in German). The German trade publication didn't report the precise role that Werner, who is currently a senior portfolio manager in Deutsche Bank's wealth arm, would take at Pictet.
Werner, a 30-year veteran of the Frankfurt lender, will work out of Stuttgart, which is one of three branches the Swiss bank maintains in Germany, alongside Frankfurt and Munich. A spokesman for Pictet confirmed the hire, without disclosing Werner's role.
The move comes shortly after Patrick Zenz-Spitzweg, one of Pictet's top private bankers in Frankfurt and part of its executive committee for wealth management in Germany, was poached by Feri Trust, a local boutique.
