Awards for Distinction 2014 – Family Office Services

AFD2014_Best Private Bank - Family Office Services


Claude Haberer

Claude Haberer
Asia-Pacific CEO
Pictet Wealth Management

Asia’s wealth is at a crucial stage of transition and, as such, the region’s wealthiest families are encountering increasingly problematic issues of both financial and non-financial nature. As a natural consequence, private banks face more pressure to keep up with families’ needs as trusted advisors and influential caretakers of vast fortunes, and the often delicate issue of wealth transfer. As this landscape evolves, the alliance between family offices and their service providers evolves apace, recasting what family office clients value in the service of a private bank on an almost annual basis. Whilst some family offices rank their providers by execution capability and pricing flexibility, those further along the wealth continuum value a more sophisticated approach.

Pictet has proven that, for family offices looking for a consociate capable of product-neutral, best-in-class investment advice, it is the private bank of choice. As a result, family office assets under management at the bank trump those at many of its larger peers. However, size of assets is neither the sole nor the most important criterion for the purpose of judging these awards, and Asian Private Banker was particularly impressed by the overarching commitment at the most senior levels of the bank to preserving family wealth and legacy across generations. Indeed, direct descendent and a Managing Partner, Nicolas Pictet, is in charge of the firm’s Asian subsidiaries and typifies the Pictet ethos of a “family-owned bank for business-owning families”.

Few private banks that can claim to have managed the fortunes of their own founding family for several generations, can boast the scale that Pictet can. It offers clients the advantages of both an organisational culture immersed in the dynamics of managing and preserving family wealth, as well as blue-chip products and services. The robustness of its investment advisory process, its ability to offer an “outsourced” chief investment officer function to family offices, coupled with its adeptness at encouraging a cross-pollination of ideas amongst the oldest family offices in the world, make it the worthy recipient of the accolade of Best Private Bank – Family Office Services in 2014.