Pictet & Cie has opened a private banking office in Madrid to target the country’s wealthy. The new office is headed by Fernando de Salinas ...

Pictet & Cie has opened a private banking office in Madrid to target the country’s wealthy. The new office is headed by Fernando de Salinas Mila, according to a statement from Pictet, which also said that the bank plans to recruit new portfolio and relationship managers. "We firmly believe that Spain has enormous potential for demanding clients seeking custom-tailored services, long-term relationships, independent investment advice and the utmost discretion,” said Philippe Bertherat, one of the eight managing partners of Pictet, in a statement. He added: "A private banking service in Madrid will allow us to offer Spanish clients a single point of access to the investment expertise of the Pictet Group with its 200 years of experience." The bank has had a presence in the local mutual fund business since 2000, but this is the first time Pictet is targeting Spanish onshore wealth management growth. Mr de Salinas Mila joined Pictet in 2002 from Ferrier Lullin & Cie in Geneva as regional marketing director for southern Europe. He has also had experience as an investment and private banker at Merrill Lynch and JP Morgan. The move by Pictet follows a number of other Swiss private banks targeting growth in the Spanish onshore private banking market. Earlier this year, Banca del Gottardo opened a private banking business in the Spanish capital, and both UBS and Credit Suisse have expanded their operations in the country.