Geneva-headquartered Pictet registered stellar record figures worldwide, including in Asia where it saw an all-time high in net new money for the first half of the year.
Pictet’s assets under management in Asia grew 38 percent year-on-year in the first half of 2021.
This was driven by an all-time high in net new money which doubled compared to last year and grew early six-fold compared to the first half of 2019.
Its regional headcount posted net growth of 50 percent over the last three years, including 40 percent net growth amongst relationship managers in the same period.
Managed Assets
The Swiss pure-play has traditionally also boasted a high penetration rate in total managed assets at over 40 percent in Asia.
Discretionary portfolio management penetration in the region also rose to around 20 percent.
Asset Management
Pictet Asset Management’s Asia-ex Japan business also experienced strong growth with a 56 percent increase in assets under management.
The firm has made various inroads towards expanding its presence in the region with the launch of a second Hong Kong-domiciled fund in preparation of the Wealth Management Connect scheme, a newly acquired Qualified Domestic Limited Partner (QDLP) license in Shanghai and several newly won mandates from Asian sovereign wealth funds.
Globally, Pictet also registered record figures with an all-time high net profit of 636 million Swiss francs ($696 million) in the first half compared to 262 million a year earlier. Assets under management or custody grew to around 690 billion Swiss francs, up 14 percent compared to 609 billion Swiss francs last year.
