Pictet & Cie, the Geneva-based private bank, recently raided a four-strong team of bankers from the Zurich office of Goldman Sachs, WealthBriefing can exclusively report.

The team will cover the Italian-speaking market out of Zurich, a Pictet spokesperson told this publication, and their recruitment forms part of the bank's previously announced plans to expand its wealth management business in Switzerland’s largest city. The members of the team, who have not yet been named, are to join Pictet by October.

Goldman Sachs was not available for comment at the time of publication.

In February, Pictet appointed Victor Aerni as head of its Zurch-based wealth management operations – a hire which the bank said was the first stage of its Zurich expansion drive.

At the time of Mr Aerni’s appointment Christian Gellerstad, chief exective of Pictet’s wealth management division, said the bank plans to double the size of its wealth management operations in Zurich over the course of the coming economic cycle, as far as economic conditions would allow.

In anticipation of this growth Pictet relocated to new, larger premises in Zurich at the start of December 2008.

Along with Mr Aerni, who was formerly a partner at Boston Consulting Group, Pictet also recruited four senior private bankers from HSBC Guyerzeller Bank and two senior portfolio managers from Bank Julius Baer.

Along with its Geneva headquarters, Pictet also has offices in Barcelona, Basel, Dubai, Florence, Frankfurt, Hong Kong, Lausanne, London, Luxembourg, Madrid, Milan, Montreal, Nassau, Paris, Singapore, Tokyo and Turin.