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Pictet Group

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The Pictet Group
IndustryPrivate banking, Wealth management, Institutional asset management, Asset services, Investment funds
Founded23 July 1805 in Geneva
FounderJacob-Michel-François de Candolle
Jacques-Henry Mallet Edit this on Wikidata
HeadquartersGeneva, Switzerland
767,904,000 Swiss franc (2022) Edit this on Wikidata
Total assetsCHF 435 billion (December 2014)[1]
Number of employees
c. 3800 in 26 locations worldwide
Websitehttp://www.pictet.com/

Pictet is a Swiss private banking institution, founded in 1805 in Geneva. The Pictet group holding is organised as a partnership of 7 owner managers responsible for the entire activity of the Pictet Group

The Pictet Group, headquartered in Geneva, has offices in Amsterdam, Barcelona, Basel, Brussels, Dubai, Florence, Frankfurt, Hong Kong, Lausanne, London, Luxembourg, Madrid, Milan, Montreal, Munich, Nassau, Osaka, Paris, Rome, Singapore, Taipei, Tel Aviv, Turin, Tokyo and Zurich.

Pictet offers private banking, institutional asset management, investment funds, asset services and services to independent asset managers. The bank specialises on independent asset management and distributes more than 100 investment funds including equity funds, bond funds, specialised funds, and sector- and theme based funds.

The firm has 3,800 employees, including 900 investment managers, and runs 25 branches around the world.[2] According to the Scorpio Partnership Global Private Benchmark 2014[3] the bank had 338.1 USD Bn of assets under management (AuM) an increase of 12% on 2013.[4]

History

Pictet traces its origin to the foundation of Banque de Candolle Mallet & Cie in Geneva on 23 July 1805. On that day, Jacob-Michel-François de Candolle and Jacques-Henry Mallet signed, with three limited partners[5], a Scripte de Société (memorandum of association) to form a partnership[6]. Like all Geneva banks at the time, it started out trading in goods, but soon abandoned trading to concentrate on assisting clients in their financial and commercial business and advising them on managing their wealth. By the 1830s, it held a broad range of securities on behalf of clients, to diversify their risks.

On the death of de Candolle in 1841, his wife’s nephew Edouard Pictet joined the partnership, and the name Pictet has remained with the bank ever since. Between 1890 and 1929, the Bank went through a period of substantial growth, the number of employees rising from 12 to more than 80 over 30 years. Although the Pictet family had been intimately engaged with the bank since the mid 19th century, it was only in 1926 that the company changed its name to Pictet & Cie.

After a period of relative stagnation marked by the Great Depression of the 1930s and the Second World War, Pictet began to expand in the 1950s as the Western world entered a prolonged period of prosperity and economic growth. In the late 1960s, the Bank embarked on the new business of institutional asset management, which has since grown to account for around half its total assets under management[7]. In 1974, it opened an office in Montreal, the first of its current network of 26 offices around the world. Its workforce of 70 staff in 1950 rose to 300 by 1980[8].

Pictet has focused on wealth management from the start and it continues to do so today, providing three main groups of services to individuals, families and institutions around the world: wealth management, asset management and asset services. It has now become Switzerland’s third largest asset manager, and also Europe’s largest bank in private hands[9]

Pictet celebrated its bicentennial in 2005 after surviving and prospering during two centuries of political upheavals and financial crises. The following year the bank moved to new headquarters in the developing district of Acacias, in Geneva.

In 2008, Pictet launched the Prix Pictet, the world's first and premier photographic prize dedicated to the theme of sustainable development.

FundPartner Solutions (Europe) S.A., a Luxembourg based 100%-affiliate of the Pictet Group, was created in 2012 to offer its clients comprehensive services related to the creation, central administration and supervision of investment funds.

On November 26, 2012, it was reported that Pictet's wealth management unit was the target of a United States Department of Justice investigation.[10]

Structure

Managing private fortunes has been Pictet's core business for over 200 years, offering dedicated management and advisory services for individuals; family office and global custody. Pictet Asset Management includes all the operating subsidiaries and divisions of the Pictet Group that carry out institutional asset management through specialised, traditional and alternative products, with active or passive management. Pictet provides a consolidated view of assets held and managed across multiple relationships, in over 80 markets. Set up in the early nineties, the purpose of the Pictet Alternative Advisors(PAA) department is to select hedge fund, private equity and real estate managers both for its clients and for its own funds-of-funds. Pictet launched its first fund of hedge funds in May 1994, subsequently developing a broad spectrum of products, including third-party funds and services linked to alternative investments.

References

  1. ^ "Annual report 2014" (PDF). www.pictet.com. The Pictet Group. 31 December 2014. Retrieved 30 June 2015.
  2. ^ http://www.globes.co.il/serveen/globes/docview.asp?did=1000792603&fid=1725
  3. ^ "Global Private Banking Benchmark 2014 - Scorpio Report". Scorpio Partnership.
  4. ^ "Global Private Banking Benchmark 2014 - Scorpio Report". Scorpio Partnership.
  5. ^ Jean-Louis Mallet, brother of Jacques-Henry, Paul Martin and Jean-Louis Falquet
  6. ^ "Pictet & Cie", 1805-1955, Atar, Geneva, 1955.
  7. ^ "200 years of History : one bank and the men who built it", Atar, Geneva, 2005.
  8. ^ "Pictet & Cie, Genève : 1805-1980", Geneva, Atar, 1980.
  9. ^ Städeli, Markus (27 November 2011). "Eckpunkte einer langen Firmengeschichte" [Turning points in a long corporate history]. NZZ (in German). Zurich. Retrieved 30 June 2015.
  10. ^ Giles Broom. "Pictet Targeted in Widening U.S. Probe of Swiss Wealth Managers". Bloomberg.com.
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