Pictet, the Swiss wealth and asset manager, has plans to hire more bankers in its Asian hubs to grow the firm's business in the region as it sets its sights on HNWIs clients from Indonesia and China.
Claude Haberer, Pictet equity partner and chief executive for Asia-Pacific, said in an interview with Fund Selector Asia (FSA) that the firm will bolster its Hong Kong office to serve Greater China clients, as wealth from the country is continues to grow and is expected to flow into Hong Kong. It will also hire in its other regional hub of Singapore, which services Southeast Asia, where it is hopes to get a slice of the HNWI pie in Indonesia.
"We must be in a position where a client has access to a banker, an investment specialist, a product specialist, as well as a partner within the firm.
We must be in a position where a client has access to a banker, an investment specialist, a product specialist, as well as a partner within the firm"
"I still meet most of the clients, but you can't do that if you have 500 relationship managers and thousands of customers," he said.
Haberer noted Indonesia offers significant opportunities for wealth managers, especially since authorities launched a tax amnesty programme in 2016.
Wealth in the country rose significantly after the amnesty. With around 124,090 HNWI individuals in Indonesia, HNWI wealth increased to $700bn in 2017 from $184.27bn in 2016, according to data from Capgemini.
Pictet currently employs 52 bankers in the region, who serving its main Asian markets of Taiwan, Singapore and Hong Kong. The firm has €200bn in assets under management globally.
Earlier this year, Nicolas Pictet, senior partner, said the Geneva-based group had discussed taking on 500 more people across its asset and wealth management businesses, adding to a global headcount of 4,500.
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