The Swiss-based Pictet Group has announced that it is to open an office in Munich. Pictet has embarked also on a major expansion of its UK-based wealth management presence. In the coming months, it will be adding a number of senior private bankers, as well as reinforcing services such as wealth and portfolio structuring for clients.
To accommodate this growth, Pictet’s London wealth management team, currently in the City, are moving to bigger premises in Mayfair with effect from Monday 31st March, 2014. Already the financial capital of Europe, London is rapidly becoming the global financial centre of choice for individuals and entrepreneurs of exceptional wealth. Recent research shows that the UK is home to more UHNWIs than any other world city and that this is likely still be the case in a decade’s time.
Heinrich Adami, a Group Managing Director of Pictet, commented: “The UK, and London in particular, is exceptionally well-suited to the needs of the ultra-wealthy. Key attractions for our clients are the improving economic climate, the robust legal system, an entrepreneurial spirit and a predictable fiscal regime. These advantages, together with a vibrant international culture, world class services, and renowned private education system, make it the destination for such clients.”
He continued: “The biggest change we have seen in recent years is that international and UK domiciled clients see the UK as the preferred location for their primary financial relationship. Our clients have historically been UK resident, non-domiciled, but this is changing. Many young entrepreneurs and start-up founders who have created large fortunes are based in London and need a wealth manager that understands their needs and way of life. We have adapted our services for this new generation, without losing our expertise in looking after more traditional families, whose primary aim is preservation of capital.”
Office in Munich
Regarding the open of the Munich’s office, the office will, legally speaking, be a branch of Pictet & Cie (Europe) SA's registered office in Frankfurt. With its head office in Luxembourg, Pictet (Europe) S.A. acts as the parent company for all of the Pictet Group's banking activities in Europe, while the Frankfurt office coordinates these activities in Germany.
Marc Pictet, one of the Pictet Group's Managing Partners, commented on the new branch opening: "The opening of an office in Munich is a natural step in the Group's development following several years of very positive growth in our business in Munich and Southern Germany. Our presence will therefore enable us to strengthen our links in this area."
Armin Eiche, Head of Wealth Management for the Pictet Group in Germany, added: "Among clients who have now assimilated the lessons of the financial crisis we are seeing a growing need for independent client servicing coupled with international expertise provided by a highly reputable bank. We feel that this combination definitely gives us a competitive edge."