The Swiss-headquartered wealth manager said the region is on track to being a «key and more essential part» of its franchise.
«Given the feedback I've received from clients here, and the need for what we offer - high-performing portfolios ... with a long-term view and strong exposure to private asset opportunities - I think we're extremely well placed to grow,» Renaud de Planta, senior partner of the Pictet Group, told «The Business Times.»
Asia's economic growth is one of the firm's key themes for the next few years, and the group expects Asia to increasingly determine the shape and direction of global trade flows, capital and innovation.
«Since we want to be a global provider of investment services to private and institutional clients, we have to be present here,» De Planta said in an interview published on Friday.
China Optimism
The senior partner said he remains optimistic about China's prospects, citing positive fundamentals, a disciplined central bank and attractive markets pricing.
«As investors we take a long-term view and try to look beyond the next hill. The mega-trends behind China's growth, in terms of the work and savings ethic and entrepreneurial spirit are not changing. I think it would be a bit foolish to throw in the towel.»
Important Region
«Asia has been outgrowing the world for many decades. But we do believe that the financial side of the Asian economy is only at the beginning - both in terms of the pool of savings available in Asia and also in terms of investment opportunities,» De Planta said.
In November 2021, Pictet's wealth management division made a raft of hires covering the North Asia market out of both Hong Kong and Singapore, saying Asia was a «strategic priority.» Around 10 pecent of the group's 5,000-strong workforce is based in Asia.
Pictet grew its assets under management in Asia by around 40 percent year-on-year and doubled its net new money to a record high during the first half of 2021.
