Pictet To Move Up To 100 Roles Out Of Switzerland

Tom Burroughes

17 February 2016

, the Swiss private bank which recently reported full-year results, is moving up to 100 middle- and back-office jobs out of the Alpine state, most of which go to Luxembourg, with others to other jurisdictions, over the next five years, this publication understands.

The moves affect Pictet Asset Services, not the wealth management side of the business. There are no redundancies as part of the change and persons affected who wish to stay in Switzerland are being offered roles in other parts of the group.

Such a shift happens at a time when banks are coping with rising regulatory costs and looking to target jurisdictions with higher revenue growth. Bigger rivals such as Credit Suisse, for example, are targeting the Asia region in particular.

The venerable Swiss bank, which moved from an unlimited liability ownership structure more than two years’ ago, employs around 3,900 people. Its largest office is in Geneva and it also has a presence in regions such as Asia.

The bank declined to comment on the matter.

Pictet, as reported earlier this week, has appointed a senior private banker to cover Southeast Asian markets. Grace Barki joined the bank this week as managing director, senior private banker, covering Southeast Asian markets.

A week ago, the bank reported that its consolidated net profit fell 2 per cent to SFr452 million ($464 million) over the course of 2015 despite a rise in assets under management. In its unaudited figures for the full year, Pictet reported a SFr2 billion increase in assets under management or custody to SFr437 billion at the end of 2015.

The group has been busy hiring within its asset and wealth management divisions. Most recently, Niall Quinn joined Pictet Asset Management as global head of institutional business (excluding Japan), while in December, Pictet Wealth Management hired JP Morgan's Cesar Perez Ruiz as its new chief investment officer.

On the departure side of the ledger, Pictet has seen the departure of Yves Bonzon, a partner and chief investment officer of its wealth business. He has since joined Julius Baer.