Best Private Bank Pure Play
Pictet Wealth Management Asia
Best Private Bank – Pure Play
Tee Fong Seng
In such periods of turbulence, Pictet is generally regarded as a safe haven: clients value Pictet’s stability, the strength of its balance sheet and its long-term approach. The “Pictet Fortress” offers certainty to its employees, clients, regulators and the investment community.
The Pictet partnership has always been about continuation. Through the many financial and economic crises over the past 218 years, Pictet has navigated the ups and downs of booms and busts, of wars and peace, and repeatedly demonstrated that it has not only survived but thrived in challenging times.
Notwithstanding the external pressures in 2022, Pictet rose to the challenge. In Asia, its wealth management business stayed resilient and stable across all key metrics — AUM, net new money, revenues and the relationship manager base. We still delivered high quality assets and revenues — with more than half of the AUM in managed solutions and over 60% recurring revenues. We kept investing in people and platform, expanding our investment specialist teams across the region, achieving a high 1:2 investment professionals to banker ratio — a reflection of the strong commitment to Pictet’s legacy as an investment led firm.
With the focus on our strong value proposition for UHNW clients, we expanded our Wealth Solutions platform in 2022, adding dedicated Philanthropy Services in Asia.
Pictet’s unique independent private partnership model takes a long term approach — looking beyond more than a few quarters, and focusing on active investment with interests aligned with clients. In Asia, we remain focused on investment performance and on delivering the outstanding Pictet service to clients, investing in people and platform, driven by our strong legacy and guiding principles around independence, long term thinking, partnership, responsibility and entrepreneurial spirit.
What was behind the judges’ decision?
- Market-leading performance in key metrics including AUM, net new money and recurring revenue, highlighting the bank’s emphasis on stability and resilience during extremely volatile market conditions
- Significant enhancements to product platform, particularly in terms of alternative investments, including launches and fundraising for strategies focused on thematic private equity — healthcare, technology and environment — real estate, hedge funds and co-investments
- Increased penetration and growth of market-leading DPM proposition, highlighted by outperformance in mandates covering moderate, balanced and growth strategies. Furthermore, the bank made significant senior hires in this area during the period under consideration, including head of DPM and CIO
- Greater momentum in wealth planning and related services, including senior hires in wealth planning and philanthropy during 2022, reflecting rising demand from UHNW families for more structured offerings
- Commitment to increasing presence in regional domestic markets with entrepreneurial and strategic approach (such as through partnerships with local players) which has already raised several hundred million dollars in new assets
What we said
Asian Private Banker‘s decision to award Pictet Wealth Management the prize for Best Private Bank – Pure Play at the 12th Awards for Distinction is a reflection of the Swiss firm’s strength and depth across investments, products and client relationships, said Daniel Shane, editor of Asian Private Banker.
During what was an undeniably perilous market environment in 2022, Pictet Wealth Manager impressed APB’s expert judging panel with its market-leading solutions across discretionary portfolio management, funds, and alternative investments — among other offerings. All of the group’s astute developments across its platform in 2022 were ably steered by its independent private partnership model, ensuring stability in vision and management even during times of upheaval. APB would like to congratulate everyone at Pictet Wealth Management on their success at the 12th Awards for Distinction, the region’s premier awards programme for the private banking industry.
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