Pictet Asset Services, the asset servicing business line of the Pictet Group, is opening a booking centre for external asset managers in Monaco in April 2021, with a local presence of dedicated client relationship managers.
Marc Briol, chief executive of Pictet Asset Services, said: "We are pleased to develop our activity in Monaco, in line with the Pictet Group's commitment to the European market. This expansion represents an opportunity to develop long term relationships with investment fund managers based in the principality seeking high quality services."
The new booking centre in Monaco adds to the network of locations currently available to external asset managers: Geneva, Zurich, Luxembourg, London, Paris and Madrid.
Alain Ucari, head of Pictet Wealth Management in Monaco, said: "With a domestic market estimated at €110 billion in bankable assets, Monaco has become a popular international financial centre for wealth management over the years. We are delighted to welcome Pictet Asset Services and join forces with them to further develop Pictet's presence in the Principality."
The team will join Pictet's banking branch in Monaco, which opened in February 2020.
With a domestic market estimated at €110 billion in bankable assets, Monaco has become a popular international financial centre for wealth management over the years."