Even though Swiss private bank Pictet often prides itself on thinking in terms of generations, a conversation with Verena Gross reveals that a new chapter in the bank's 219-year history is about to begin. Gross, the head of wealth management for German-speaking Switzerland, has been in her role for a year and is now fully ramping up.
Over the past twelve months, Pictet has not been notably aggressive in recruiting employees from Credit Suisse, unlike some of its direct competitors such as Lombard Odier, EFG International, or LGT, all of which have absorbed entire teams from the troubled large bank.
Verena Gross, in an interview with finews.com, states that Pictet has deliberately chosen not to participate in this hunt for private bankers. «We continuously hire colleagues, and it’s less important to us where they come from. We want our staff to be successful in the long term,» she explains.
Business Plan Initially Unmet
«We don’t want to say goodbye to colleagues after just two years because of an overly aggressive business plan. We aim to support them for the long haul,» Gross emphasizes, adding, «I came to Pictet with a whole team from Goldman Sachs, and initially, we did not meet the business plan, but we have exceeded it in the long run. The learning curve was quite steep. Today, I can say that I have truly arrived.»
(Image: Pictet)
Born in Merano, South Tyrol, and having grown up near Bolzano and studied in Milan, Gross has been working for the bank for nearly 15 years. In early April 2023, she took over the reins in Zurich from Victor Aerni, who has since been managing the wealth management business from Singapore, overseeing operations in Asia. She now supervises more than 50 employees.
Somewhat Intimidating Presence
Zurich, along with Geneva, is one of Pictet’s most significant locations globally and is often affectionately referred to internally as a «Second Home.» The bank manages a substantial portion of its clients' assets, now totaling more than 600 billion Swiss francs, from Zurich, although it does not disclose specific figures.
Since 2021, Pictet has been housed in the historic Leuenhof on Zurich's Bahnhofstrasse, which is seen as a commitment to its location in the city. The building's grandeur may be somewhat intimidating, especially as it is unclear whether one is entering Pictet's office or the showroom of one of Switzerland’s most renowned watch brands, which operates a flagship store on the ground floor.
A Myth Dispelled
(Image: Pictet)
«That's a myth,» Gross says, addressing whether there is a threshold fear when dealing with Pictet. The bank, perceived by many as a 219-year-old institution serving mostly very wealthy clients, is countered by Gross's assertive remarks. She highlights that Pictet is a traditional yet modern bank that serves many entrepreneurs who are far from reaching their peak. Moreover, many clients invest even small amounts in Pictet funds. «We are the bank for those seeking an investment focus,» Gross declares.
Pictet prides itself on being a solid, trustworthy, and grounded institution. Importantly, it continues to operate as a partnership. «These partners remain in their roles for 20 years or more, and it’s their own money they are investing for the long term. They don't play around with the bank's balance sheet,» emphasizes the Pictet Zurich head.
Looking South
It is already known that Marc Pictet (pictured below) will succeed Renaud de Planta as managing partner in July, having spent a significant part of his training and career at the Zurich office. This might give the Zurich location special significance in the future, as mentioned internally at the bank.
In her discussion, Gross also mentions, «We don’t completely rule out opening another office in Switzerland. However, it always depends on having the right people.» Pictet is keen to establish a stronger presence in Ticino, as previously reported by finews.com. Although not wanting to reveal too much at this stage, Gross confirms that the bank already manages several billion Swiss francs in client assets in Southern Switzerland.
New 'Primus Inter Pares'
(Image: zvg)
Even as Pictet enjoys playing up its generational thinking, it is clear that a new chapter is beginning. Marc Pictet, 50, will soon step in as the new 'primus inter pares,' set to advance the bank and its activities in wealth management, asset management, alternative investments, and asset services into the future.
