People Moves

Change At Top Of Pictet As Senior Partner To Retire

Tom Burroughes Group Editor 12 February 2019

Change At Top Of Pictet As Senior Partner To Retire

A family member of the private bank is stepping down, and new arrivals have been announced, the firm said as it recently unveiled unaudited figures for 2018.

Pictet, the Swiss private banking group, recently announced that a senior partner of the family-run bank, Nicolas Pictet, is retiring on 1 September this year after having been a partner since 1991, and that new partners would be joining. The announcement came last week as the bank issued unaudited figures for 2018.

For the year ending 31 December, Pictet said that it logged a 5.7 per cent year-on-year rise in operating income reaching SFr2.666 billion ($2.662 billion), and a 4.1 per cent increase in consolidated net profit of SFr596 million.

Assets under management or custody stood at SFr496 billion, down a touch from a year before. There was SFr1.0 billion of net new money. The result came during a year in which equity markets fell and turned more volatile.

The core tier 1 capital ratio – a usual measure of a bank’s financial strength - stood at 21.1 per cent.

Nicolas Pictet will remain chairman of the board of Banque Pictet & Cie SA, the group's Swiss bank, and join the supervisory board of Pictet & Cie Group SCA, the group’s managing entity, with effect from 1 September 2019.

Renaud de Planta, who joined Pictet as a partner in 1998, succeeds him as a senior partner. He is the second most senior of Pictet’s seven partners. He has spent much of his career leading Pictet Asset Management. Previously, he spent 12 years with UBS, holding various management positions, including as CEO of UBS in Hong Kong and North Asia. He has a PhD and a Masters in financial economics from the University of St. Gallen and an MBA from the University of Chicago.

Sébastien Eisinger, deputy CEO at Pictet Asset Management and head of investments, will join the Pictet partnership with effect from 1 April. He entered Pictet Asset Management in 1999 as an investment manager on the fixed income team, rising to chief investment officer for fixed income prior to his most recent role. He began his career with Lazard Frères Gestion in Paris as a quantitative analyst. He holds a DEA (Diplôme d’étude approfondie) in statistics and an MA in mathematics from Paris VII University.

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