Summary of Inside Pictet, the Secretive Swiss Bank for the World’s Richest People

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Inside Pictet, the Secretive Swiss Bank for the World’s Richest People summary
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The little-known Swiss private bank Pictet is one of the last institutions still hewing to the old era of bank secrecy. Most of its leaders are descendants of the bank’s founders. But as Marion Halftermeyer reports for Bloomberg, Pictet stands on the cusp of parting with its old ways as new hires prepare to bring the bank into the 21st century. Her article offers a rare look into an obscure, highly profitable Swiss private banking institution.

About the Author

Marion Halftermeyer is a finance reporter at Bloomberg. 

 

Summary

Banque Pictet & Cie SA is a two-centuries-old, consistently profitable Swiss private bank that manages the assets of high-wealth individuals.

Over its 200-year history, Pictet has only had 43 managing partners, many of whom were descendants of the bank’s founders. From its Geneva base, the bank manages more than $662 billion, and its return on equity continues to exceed that of its competition – including UBS, Credit Suisse and Julius Baer. Since 2016, the bank has made between 16% and 21% in profits.

In 2018, Pictet brought in a new partner, Boris Collardi, who aggressively modernized the bank.

To stay competitive in the global asset management market and to tap new wealth in Asia, the bank brought in fresh talent. In 2018, Pictet invited Boris Collardi, formerly of the Julius Baer Group, Ltd., a mid-sized, Swiss private banking corporation, to ...


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