Pictet Wealth Management will seek growth in Asia by hiring with expectations to double the number of private bankers in several years.
Pictet currently houses 52 private bankers in Asia and it is looking to add ten to 15 annually over the next four to five years, according to Boris Collardi, managing partner and co-head of private wealth management at Pictet in a «Business Times» report.
«We can say that today Pictet in terms of market penetration and size is not where it should be or deserves to be in Asia,» Collard said.
Enhanced platform
The bank will seek to enhance its platform in the region as part of its growth strategy. Pictet had already obtained a wholesale banking license in Singapore last year which allows it to offer Singapore dollar-denominated deposits and loans, though the wealth manager notes that balance sheet will only be extended selectively.
Pictet will also import its advisory solution to Asia next year, which has already launched in Switzerland this month. The offering will include four mandates that determine the level of client involvement and asset classes preferred.
The move is expected to complement the bank’s already strong discretionary business which boasts a 20 percent asset penetration rate, compared to the region’s 10%.
