The bank has boosted the number of London-based bankers by a third this year, bringing the current total to 33. It said the expansion of its wealth management services comes in response to “significant” demand from international private clients who wish to have their assets in custody in the UK.

Last month, Pictet Wealth Management moved to larger premises close to its former Mayfair offices to accommodate further business growth.

The move by Pictet to enhance its on-the-ground presence in the city comes amid continued uncertainties surrounding the UK’s relationship with the European Union – including whether it will retain fund passporting rights within the bloc following Brexit – that may see some banks shift jobs out of London and into EU member states.

“The UK, and London in particular, is exceptionally well-suited to the needs of the ultra-wealthy,” said Heinrich Adami, chief executive of Pictet Wealth Management UK. 

“Key attractions for our clients are the robust legal system, an entrepreneurial spirit and a predictable fiscal regime. These advantages, together with a vibrant international culture, world class services, and renowned private education system, make it the destination for such clients.”