As private banks compete fiercely for single-family office (SFO) wallet share, Pictet Wealth Management in Singapore is seeing SFOs emerge as a fast-growing segment, driving net new money. The Swiss pure-play is leveraging its long-term, investment-led approach to capture a larger share of this expanding market.

“Family offices have always been a cornerstone client group for Pictet globally,” Alison Lim, chief executive officer for Singapore, Pictet Wealth Management, told Asian Private Banker.

“Here in Singapore this year, single-family offices have indeed been the main driver of net new money inflows as well as new client relationships for us,” Lim said, declining to provide specific growth figures for the segment.

Lim joined Pictet last October from BNP Paribas Wealth Management, where she was Southeast Asia head. In Asia, Pictet WM managed an estimated US$55.5 billion in 2024, according to APB estimates. Globally, Pictet Group had CHF 737 billion (US$ 911 billion) under management or custody as of September this year.

Capturing SFOs

The number of SFOs in Singapore has surged from 400 in 2020, when the Monetary Authority of Singapore introduced targeted tax incentives, to more than 2,000 by the end of 2024.

Capturing this expanding market is a race for private banks, with each taking different approaches, ranging from offering Variable Capital Companies and trust services to “One Bank” solutions like those of larger Wall Street and Swiss lenders.

While universal banks offer a full-service, one-stop approach, pure-play banks like Pictet focus on specialised, niche solutions. Lim believes that her firm’s long-term approach makes it a “perfect match” for family office clientele.

She highlighted the bank’s approach with an example of how it helped a family office prospect, initially without international exposure, establish its first international private banking relationship with Pictet over two years.

The wealth manager is focusing on hiring talent and enhancing its platform, working with Swiss colleagues in Geneva to automate processes, improve efficiency, reduce administrative workload, and speed up account openings, allowing bankers to spend more time on clients’ needs. It also tailors support using the broader Pictet Group, including Pictet Alternative Advisors and Pictet Asset Services.

“The different business lines work very closely and bring a full range of services to family offices, which they appreciate. I think this is a key strength that differentiates us,” she told APB.

Investment-led firm

According to Lim, Pictet’s 220-year history of private, organic growth gives it an edge, with its ownership structure providing independence from quarterly reporting and allowing a focus on clients’ interests and long-term solutions.

The bank’s business model is further distinguished by the pure focus on wealth and asset management, a client-centric approach that ensures advice is free from the cross-selling demands inherent in large universal banks, Lim said.

She added that as an “investment-led” firm, discussions at Pictet are deep, ranging from broad sectors to niche topics, often leveraging insights from Pictet Asset Management specialists.

“When I first joined, having acquired a deeper understanding of the unique Pictet model and legacy, all this felt like the best-kept secret on the street to me. I am inspired to share more with our Asian clients and prospects, who may not have the same insights,” Lim told APB.

Amid rising private market allocations in Asia, Lim said Pictet’s selective, value-driven approach gives it a competitive edge. Unlike other private banks, Pictet acts as a Limited Partner and independent advisor, investing alongside clients rather than distributing funds, and curates portfolios through rigorous research and due diligence.

Legacy focus

Apart from helping family offices achieve sustainable, long-term investment returns, ensuring a lasting legacy is also a critical goal for Pictet as wealth transfer unfolds in Asia.

Bankers at Pictet are trained to initiate and guide wealth-planning conversations. Lim shared that the bank recently conducted a structured review of its client book to understand generational structures better and assess relationships with the next generation.

“We have to know who the next gen are and get into a conversation with them, and where needed, these conversations can evolve to family governance discussions,” Lim said.

Once the conversation begins, Pictet’s wealth solutions specialists engage to address specific client needs, including initiatives such as its collaboration with Asian Venture Philanthropy Network to facilitate giving through donor-advised funds.

Another example is the development of a tailored healthcare private equity portfolio for a family office client seeking to align their investments with philanthropic values, reflecting the Pictet Group Foundation and thematic equities strategy.

“If you have this discussion, you realise that it is not just about transferring wealth. It’s about transferring a legacy and family values across the generations,” Lim concluded.