Following the opening of a Munich office last week, Pictet shows no signs of slowing down as it kick-starts a significant expansion of its UK wealth management division.

Following the opening of a Munich office last week, Pictet shows no signs of slowing down as it kick-starts a significant expansion of its UK wealth management division.

The firm will take on a host of senior private bankers in due course, as well as reinforcing services such as wealth portfolio structuring for clients.

The firm cites London’s increasing popularity for high net worth individuals as its reasons for swelling its presence in the City.

Recent data from New World Wealth found London was the top city for millionaires, with 339,200 HNW inhabitants in 2013 (see here). Pictet expects London’s popularity to stay high for the next decade, it said in a statement, further prompting its plans for growth in the UK.

In addition, the shifting demographic of HNWs has also been a point of change for Pictet, as the next generation of wealth moves in.

“Many young entrepreneurs and start-up founders who have created large fortunes are based in London and need a wealth manager that understands their needs and way of life. We have adapted our services for this new generation, without losing our expertise in looking after more traditional families, whose primary aim is preservation of capital,” Heinrich Adami, a group managing director at the firm said.

Earlier this week Pictet moved to a bigger office in Mayfair to reflect its expansion goals.

Looking also to tap into lucrative markets outside its native Switzerland, it opened its office in Munich to increase business with German clients and build on its established client relationships in the country (see here). Germany currently has the world’s fourth largest wealth market, according to a report by Boston Consulting.