Pictet has announced that Pierre Etienne is to take over from Marc Pictet at the helm of Pictet & Cie (Europe), the group’s bank in the European Union, located in Luxembourg, effective 1 July 2010.

Etienne has been with the banking group since May 2002, when he became a member of the management committee of Pictet Luxembourg; in 2009 he went on to join the management committee of the group’s custodian bank in Geneva.

In taking over as head of Pictet’s Luxembourg operations, he becomes responsible for the group’s largest operations outside of Switzerland, to which the branches in France, Germany, Italy and Spain all report.

Meanwhile, Marc Pictet will move to Geneva to become a personally liable partner.