Pictet Asset Services will close its booking centers for independent asset managers in the Bahamas, Hong Kong and Singapore at the end of 2018, as finews.asia can reveal.
The move to close several centers results from the wish to focus on deploying more resources for Pictet Asset Services’ professional and institutional clientele, a spokesperson from Pictet explained to finews.asia – particularly in Switzerland, continental Europe, the U.K. as well as in Asia.
Furthermore, the operational and custodian bank activities carried out from Nassau for the group’s banks in Switzerland and Luxembourg will be taken over by the teams in Geneva and Luxembourg, he added.
Wholesale Bank License in Singapore
Pictet Asset Services is the custody bank and fund administration division of Geneva-based bank Pictet. However, the firm will further promote its fund administration and global custody services in Hong Kong and Singapore for asset managers and institutional investors in the region.
On Monday, the bank received approval for a wholesale bank license from the Monetary Authority of Singapore (MAS), which means Pictet will be able to offer Singapore dollar services, including deposits and loans, according to a media statement. Pictet expects to commence operations as a wholesale bank in the city-state from April. This move comes just two months before former Julius Baer boss Boris Collardi begins as a partner at Pictet.
Natural Step
«Our upgraded license underlines the growing importance of Singapore for the Pictet Group in the Asia-Pacific region,» said Claude Haberer, CEO of Pictet's wealth management arm Asia. «It’s a natural step, coming just six years after receiving a full banking license in Hong Kong.»
The partner-owned and -run private bank recently reported full-year profit up 36 percent on the year, and that it won 14.1 billion Swiss francs in fresh money from its institutional and wealthy clients.
