February 6, 2019 / 8:34 AM / 5 months ago

Private bank Pictet gets 1 bln Sfr in net new money in 2018

ZURICH, Feb 6 (Reuters) - Swiss private bank and asset manager Pictet attracted 1 billion Swiss francs ($999.10 million) in net new money last year, it said on Wednesday, lagging Swiss peers in the first year since Boris Collardi joined from rival Julius Baer.

Assets under management or custody slipped to 496 billion francs from 512 billion a year earlier, Pictet said on Wednesday.

Senior partner Nicolas Pictet called 2018 a challenging year. “Volatile stock markets made investors uncertain and thus cautious. While the market environment remains demanding, we see opportunities for long-term, anti-cyclical investing.”

The Geneva-based bank said Nicolas Pictet would resign as of September 1. He had been a partner since 1991. Renaud de Planta, a partner since 1998 who build up the group’s asset management business, will take over as senior partner.

Sebastien Eisinger, deputy head of Pictet Asset Management, will become a partner as of April 1.

Collardi unexpectedly resigned as Julius Baer chief executive in November 2017 to join Pictet as a partner whose role includes helping oversee its global wealth management business.

$1 = 1.0009 Swiss francs Reporting by Michael Shields

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