Strategy
Pictet's Custody Bank Shutters Three Booking Centres
The Switzerland-headquartered bank's custody arm is trimming its booking centres.
Pictet Asset Services, the custody bank of Geneva-headquartered
private bank Pictet,
will close its booking centres for independent asset managers in
the Bahamas, Hong Kong and Singapore at the end of this year, the
firm confirmed to this publication yesterday.
The organisation wants to put more resources into Pictet Asset
Services’ professional and institutional clientele, with specific
emphasis on Switzerland, continental Europe, the UK as well as in
Asia.
Operational and custodian bank activities conducted from Nassau
in the Bahamas for the group’s banks in Switzerland and
Luxembourg will shift to the teams in Geneva and Luxembourg.
As reported by this publication earlier
this week, Pictet got the green light for a wholesale bank
license from the Monetary Authority of Singapore, allowing the
group to offer Singapore dollar services.
