Pictet Asset Management Boosts UAE Presence

Josh O'Neill

1 November 2016

has established a presence in the Dubai International Financial Centre, adding to the move in October by its parent to open a booking centre in London.

The Geneva-headquartered firm has operated in the United Arab Emirates since 2007, serving international clients across the region. It has 26 offices, subsidiaries and branches in financial centres across the world.

“Our move to DIFC is a testament to our strong growth in the region and our confidence in the centre as a key enabler in connecting businesses and financial institutions with emerging opportunities across the Middle East Africa and South Asia region,” said Francesco Genovese, head of Pictet Asset Management’s Middle East and Africa, Central Asia and frontier markets.

He added: “Our clients will significantly benefit from DIFC’s geographical location and we look forward to growing our asset management portfolio further.”

WealthBriefing has contacted Pictet for more information regarding its expansion in the region.

Pictet is spreading its wings. Last month, it announced it was opening a booking centre in London, and later confirmed that this branch will let clients based in Asia use it in 2017. The booking centre aims to cater to substantial demand from international clients wishing to take advantage of the perceived transparency and legal stability of London, the bank has said.

Banks such as Pictet have built onshore booking centres outside their native Switzerland, which has seen its bank secrecy laws eroded in recent years, to keep up with rival firms operating in such onshore locations.