12 November 2008
Pictet & Cie, one of the world's leading independent private banks with assets of $325 billion (Dh1.19 trillion), has announced plans to accelerate the growth of its business in the GCC, despite the turmoil being experienced elsewhere due to the global financial crisis.
Jacques de Saussure, Managing Partner at Pictet & Cie, said the bank has links with the GCC region since the oil shock of the 1970s.
"We have relations with the GCC sovereign wealth funds, central banks and state-owned financial entities as well as high net worth individuals," he said.
"The last decade witnessed a significant shift in our GCC client base among regional institutional investors and we opened our UAE representative office to be close to our clients. We aim to expand the share of the GCC region in wealth funds, asset management and custody services."
Ivan Pictet, Senior Partner of Pictet & Cie, said since the bank opened its office in Dubai last year, there was a strong growth in demand from clients seeking banking services, long-term relationships and independent investment advice. "We have decided to accelerate the growth of our business in this region. Our plans include applying for a Dubai International Financial Centre licence and establishing a team of fund managers," he said.
Pictet said the bank's success depends on commitment to the long term and concentration on a single business of asset and wealth management for more than 200 years. "Over 25 years ago, Pictet was the first bank to offer global custody service to its clients. Since then, it has systematically been acknowledged as one of the industry's leading service providers in terms of quality. The bank's Family Office was also the first of its kind in Europe, when it was created 10 years ago. In the field of investment funds, Pictet has also been a front runner in several sectors such as biotech, water, clean energy, timber, as well as emerging markets, socially responsible investments, cash management and absolute return."
Pictet's institutional marketing activities are led by Francesco Genovese, Regional Head of Business Development for Pictet Asset Management and Pictet Funds. He said the assets of GCC SWFs in the bank have reached several billion dollars and with new expansion in the region, he expected to attract more funds from institutional investors.
Pictet & Cie, one of the world's leading independent private banks with assets of $325 billion (Dh1.19 trillion), has announced plans to accelerate the growth of its business in the GCC, despite the turmoil being experienced elsewhere due to the global financial crisis.
Jacques de Saussure, Managing Partner at Pictet & Cie, said the bank has links with the GCC region since the oil shock of the 1970s.
"We have relations with the GCC sovereign wealth funds, central banks and state-owned financial entities as well as high net worth individuals," he said.
"The last decade witnessed a significant shift in our GCC client base among regional institutional investors and we opened our UAE representative office to be close to our clients. We aim to expand the share of the GCC region in wealth funds, asset management and custody services."
Ivan Pictet, Senior Partner of Pictet & Cie, said since the bank opened its office in Dubai last year, there was a strong growth in demand from clients seeking banking services, long-term relationships and independent investment advice. "We have decided to accelerate the growth of our business in this region. Our plans include applying for a Dubai International Financial Centre licence and establishing a team of fund managers," he said.
Pictet said the bank's success depends on commitment to the long term and concentration on a single business of asset and wealth management for more than 200 years. "Over 25 years ago, Pictet was the first bank to offer global custody service to its clients. Since then, it has systematically been acknowledged as one of the industry's leading service providers in terms of quality. The bank's Family Office was also the first of its kind in Europe, when it was created 10 years ago. In the field of investment funds, Pictet has also been a front runner in several sectors such as biotech, water, clean energy, timber, as well as emerging markets, socially responsible investments, cash management and absolute return."
Pictet's institutional marketing activities are led by Francesco Genovese, Regional Head of Business Development for Pictet Asset Management and Pictet Funds. He said the assets of GCC SWFs in the bank have reached several billion dollars and with new expansion in the region, he expected to attract more funds from institutional investors.
By Mohamad Al Kady
© Emirates Business 24/7 2008
