Reports
Banque Piguet Attracts Offshore Money, Appoints New Chairman

Banque Piguet reported an 18 per cent rise in funds under management in 2004 against the background of strong growth in offshore accounts in...
Banque Piguet reported an 18 per cent rise in funds under management in 2004 against the background of strong growth in offshore accounts in Asia, the Middle East and Latin America. Gross profits for 2004 rose by 30 per cent to SFr11.3 million ($9.4 million), although net profits came in at SFr7 million. The net figure was affected by the performance of the bank’s affiliate company PRS Group in Miami, which was hit by a poor performance in its alternative investment funds. The 18 per cent rise in AUMs to SFr4 billion follows on from the 42 per cent increase in 2003. A further SFr300 million of assets has flown in since the beginning of the year, according to the bank. “Not bad for a little bank,” Charles de Boissezon, chief executive of the Yverdon-les-Bains and Geneva-based bank, told WealthBriefing. He added: “We are of course delighted with the continued growth in assets under management…A large part of this increase comes from our traditional markets in Switzerland and France but it is encouraging to see developments in the Middle East and Asia.” In order to accelerate its ability to attract money from Asia, the bank recently hired a Chinese specialist to build up clients in the region. “Our new hire here will be a great asset for the bank and help us establish a bigger presence in Greater China,” said Mr de Boissezon. He added that the new recruit speaks Mandarin, Cantonese and French. Mr de Boissezon can appreciate the importance of Asia, having spent more than 20 years as a banker for HSBC, some of which were spent in Hong Kong. And he continues to make regular trips to the major markets for the bank. “One of the things you have to do in running a small private bank in Switzerland is make sure you get out to the areas you’re trying to grow the business in,” said Mr de Boissezon. “I’m regularly on a plane to somewhere.” The bank also announced the appointment of Christopher Preston to be its new chairman. He replaces Aldo Leoni, who is leaving for an unspecified reason. Mr Preston is currently head of private banking at Banque Cantonale Vaudoise, which is Banque Piguet’s parent. He joined BCV more than two years ago from Citigroup Private Bank, where he was head of the European private banking business based in London. Next year Banque Piguet celebrates 150 years of existence, which the bank plans to celebrate with a number of major events, according to Mr de Boissezon. “We plan to double our sponsorship and advertising spend in 2006 to promote the bank in its 150th year,” said Mr de Boissezon. The bank is a major sponsor of golf and automobile sports collections, which Mr de Boissezon believes helps to bring in clients and raises the profile of the bank.