"There's constant growth due to the fact that we had invested in distribution (channels)," Herve Thiard, chief executive of Pictet & Cie France, said in an interview.

Geneva-based Pictet, which has $1.7 billion in assets distributed in France and focuses on managing the wealth of private and institutional investors, hired 305 people last year.

One of Switzerland's largest private banks, Pictet has 3,000 employees worldwide, according to its website. The firm employs 25 people in Paris, Mr Thiard said.

UBS said last week it would cut a further 8,700 jobs, or 11 per cent of its staff, as it tries to save money and stem losses. Credit Suisse is axing 5,300 posts, or 11 per cent.

About 40 percent of Pictet's assets in France are invested by funds of funds - funds that invest in other mutual funds - another 40 per cent by such large institutions as insurance firms, and the remainder going to private banks, Mr Thiard said.

Pictet had net inflows of SFr17 billion ($14.55 billion) in 2008, but expects 2009 to be a more difficult year, shareholder Swiss newspaper Finanz und Wirtschaft reported in January.

Pictet had SFr312 billion under management in February and has said it aims to double its wealth management business in Zurich in the next economic cycle.

Mr Thiard said Pictet's growth did not come on the back of the spate of negative media reports about UBS.