The wealth management business of Swiss private bank Pictet has created a new senior role within its research department.

Pictet Wealth Management has hired Crédit Agricole's Frederik Ducrozet as a senior economist, responsible for covering Europe.

Ducrozet previously spent a decade in the economic research department at Crédit Agricole’s corporate and investment bank.

In the new Geneva-based role, Ducrozet joins the asset allocation and macro research team, headed up by Christophe Donay. He will lead macroeconomic research and analysis for Europe, encompassing euro-zone member states, the UK, Switzerland and Scandinavian countries.

The Pictet group had £281 billion ($422 billion) in assets under management and custody as of the end of September. During the first half of the year, Pictet achieved an 11 per cent year-on-year rise in profit to SFr 226 million ($220 million) but its assets under management fell SFr 15 billion following the appreciation of the Swiss franc.