PAM said Percival Stanion, Andrew Cole and Shaniel Ramjee have joined the firm, having previously all worked at Baring Asset Management, where they had worked in running multi-asset strategies. The firm said it intends to roll out a multi-asset fund run by this team, aimed exclusively at institutional investors, while similar products for other markets will be developed later on.

Stanion joins as head of multi-asset strategies (excluding Switzerland) and reports to Olivier Ginguené, head of asset allocation and quantitative investments. Stanion will also work with Luca Paolini, PAM chief strategist.

The move is an example of how PAM, and its parent bank, are developing business in a London market that it sees as a key market battleground.

Pictet has recently moved to new London offices in Piccadilly and focusing on the domiciled UK client market as well as the non-dom segment, Heinrich Adami, who is based in London and is group managing director at Pictet, told journalists at a briefing on the bank’s current position. “We have moved we are reinforcing existing teams and building new teams continuing to focus on on wealth structuring and asset management,” he said.

Founded in 1805, this bank turned a new chapter in its financial history when, a few months ago, it published its profit data and other key metrics for the first time since becoming a limited liability business – it changed from its long-standing unlimited liability structure, as did Lombard Odier and Mirabaud.

At 30 September, Pictet Asset Management managed £93 billion in assets, invested in equity and bond markets worldwide. PAM has seventeen business development centres worldwide, from London, Geneva, Frankfurt, Amsterdam, Luxembourg, Madrid, Munich, Milan, Paris and Zurich via Dubai, Hong Kong, Taipei, Osaka, Tokyo and Singapore to Montreal.