A Pictet employee is alleged to have embezzled funds from the Swiss-based private bank. The local prosecutor has opened a criminal investigation.
An employee of Pictet was discovered allegedly siphoning money from the exclusive private bank for the better part of one year, three sources familiar with the matter told finews.asia. The person is suspected of embezzling from the bank several times, to the tune of low single-digit millions of Swiss francs.
Geneva's prosecutor has opened a criminal investigation, and the bank has informed Swiss financial regulator Finma, one of the persons said. An initial review by the bank showed that no client funds were taken, another of the persons said.
Two Decades With Pictet
A spokesman for Pictet acknowledged a criminal investigation but declined further comment. «It belongs to our fundamental principles not to comment on ongoing court matters, especially when names of people are involved», he said. «We have no further comment to make at this time.»
The suspected embezzler had been with Pictet for roughly two decades. The person isn't a private banker and had no contact with clients, one person said.
Marring Exemplary Record
The news is delicate for secretive Pictet because it has the potential to mar the 213-year old bank's otherwise exemplary record as a conservative, family-run wealth manager.
A spokesman for Finma didn't comment, and Geneva's public prosecutor didn't respond to an emailed request for comment from finews.com.
Management Reshuffle
The scandal comes one month after Pictet shuffled its partner ranks ahead of the departure of senior partner Nicolas Pictet later this year. From September, the partnership will comprise Renaud de Planta as senior partner, Boris Collardi, Laurent Ramsey, Rémy Best, Bertrand Demole, Marc Pictet, and newest partner Sébastien Eisinger.
Reporting by Shruti Advani and Katharina Bart
