Verena Gross was to take over as head of Pictet's private wealth management (PWM) for German-speaking Switzerland at the beginning of July. The process was accelerated, and she is now in the role, finews.com has learned.
The head up to now, Victor Aerni, is already in Singapore, where he took over responsibility for wealth management in Asia. Business is booming for Pictet in both the Lion City and the City on the Limmat.
Private Clients on the Move
It's no banking industry secret that since Credit Suisse's demise and subsequent takeover by UBS, numerous wealthy clients have been knocking on the door of private banks. That is also true for a large number of client advisors fearing for their jobs, particularly at Credit Suisse. While Pictet is also affected and challenged by these developments, it can face them from a position of strength.
In this respect, the Swiss financial sector is at an inflection point, especially in the business with foreign clients, who are fundamentally rethinking their options with the integration of Credit Suisse into UBS. Against this backdrop, Verena Gross is facing challenging times but benefits tremendously by knowing her employer very well.
Great Loyalty
Gross has been with Pictet for over 13 years. Before her current role, she was a team leader in Pictet Wealth Management's private banking division in German-speaking Switzerland. In her new role, she is also a member of PWM's executive board.
Before joining Pictet, Gross spent four years in investment management at Goldman Sachs in Zurich, where she served the ultra-high-net-worth individuals (UHNWI) market in Switzerland and Europe. Prior to that, she worked in corporate finance at UniCredit Banca MedioCredito in Milan, Italy, and PwC in Rome.
A Prominent Deputy
Serving as Gross' deputy in Zurich is Michael Syz, who also previously headed the private banking team for German-speaking Switzerland. He is the half-brother of Swiss banker Eric Syz from the Zurich banking dynasty of the same name.
Michael Syz has been with Pictet for over two decades, before which he worked for Schroders in private banking in Zurich and London and corporate banking at Citibank in Switzerland.
