The Swiss private bank is filling the role vacated by its senior partner on retirement.

Jacques de Saussure is to retire at the end of June from the board of partners at Pictet and will hand over to Nicolas Pictet.

As has been the rule at Pictet since it was founded in 1805, the senior partner retires when he reaches retirement age and the second-oldest partner takes over. Pictet, at 60, is the bank's oldest partner after De Saussure, 64.

Pictet generally has six to nine partners, one of whom is the senior partner. Following De Saussure's retirement, it will have six. There will be no change of strategy, a spokesperson for the bank said.

Geneva-headquartered Pictet had assets under management or custody of SFr424 billion ($441.6 billion) as of the end of March 2016.