After seeing success in established Asian markets, the Swiss private bank has its sights on HNWIs clients from Indonesia and China.
Pictet has plans to hire more bankers in its Asian hubs to grow the firm's business in the region, Claude Haberer, Pictet equity partner and chief executive for Asia-Pacific, said in an interview with Fund Selector Asia (FSA) last week.
Haberer said the firm will bolster its Hong Kong office to serve Greater China clients, as wealth from the country is continues to grow and is expected to flow into Hong Kong. It will also hire in its other regional hub of Singapore, which services Southeast Asia, where it is hopes to get a slice of the HNWI pie in Indonesia.
«We must be in a position where a client has access to a banker, an investment specialist, a product specialist, as well as a partner within the firm,» Haberer said.
Significant Opportunities
Haberer noted Indonesia offers significant opportunities for wealth managers, especially since authorities launched a tax amnesty programme in 2016, while FAS noted Capgemeni data indicating that almost fourfold one year after the program, from $184.27 billion in 2016 to $700 billion in 2017.
Pictet currently employs 52 bankers in the region, who serving its main Asian markets of Taiwan, Singapore and Hong Kong. The firm has €200 billion ($223.8 billion) in assets under management globally.
