Hubbry Logo
Pictet GroupPictet GroupMain
Open search
Pictet Group
Community hub
Pictet Group
logo
7 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Pictet Group
Pictet Group
Pictet Group
View on Wikipedia
from Wikipedia

The Pictet Group, known as Pictet, is a Swiss multinational private bank and financial services company founded in Switzerland. Headquartered in Geneva, it is one of the largest Swiss banks and primarily offers services in wealth management, asset management, and asset servicing, to private clients and institutions.

Key Information

The Pictet Group employs more than 5,500 people, including 900 investment managers.[2] It has a network of 31 offices in financial services centres, including registered banks in Geneva, Frankfurt, Nassau, Hong Kong, and Singapore.

Pictet does not engage in investment banking, nor does it extend commercial loans. According to its 2024 Annual Review, Pictet had CHF 724 billion of assets under management or custody, with its total capital ratio significantly exceeding the levels demanded by Swiss regulators.[3] Banque Pictet & Cie SA is rated Prime-1/Aa2 by Moody's, and F1+/AA- by Fitch.[1]

History

[edit]
The Scripte de société (memorandum of association) for the Banque De Candolle Mallet & Cie

Pictet traces its origin to the foundation of Banque De Candolle Mallet & Cie in Geneva on 23 July 1805. On that day, Jacob-Michel-François de Candolle and Jacques-Henry Mallet signed, with three limited partners,[4] a Scripte de Société (memorandum of association) to form a partnership.[5] Like all Geneva banks at the time, it started out trading in goods but soon abandoned trading to concentrate on assisting clients in their financial and commercial business and advising them on managing their wealth. By the 1830s, it held a broad range of securities on behalf of clients, to diversify their risks.

On the death of de Candolle in 1841, his wife’s nephew Edouard Pictet joined the partnership, and the name Pictet has remained with the bank ever since. Between 1890 and 1929, the Bank went through a period of substantial growth, the number of employees rising from 12 to more than 80 over 30 years.[6] Although the Pictet family had been intimately engaged with the bank since the mid-19th century, it was only in 1926 that the company changed its name to Pictet & Cie.

After a period of relative stagnation marked by the Great Depression of the 1930s and the Second World War, Pictet began to expand in the 1950s as the Western world entered a prolonged period of prosperity and economic growth. In the late 1960s, the Bank embarked on the new business of institutional asset management, which has since grown to account for around half of its total assets under management.[7] In 1974, it opened an office in Montreal, the first of its current network of 28 offices around the world. Its workforce of 70 staff in 1950 rose to 300 by 1980.[8]

As of 2011, Pictet was Switzerland’s third largest wealth management company, and also one of Europe’s largest banks in private hands.[9]

In 2014, Pictet changed its legal structure from a simple partnership to a corporate partnership (société en commandite par actions), which acts as a holding company for its global business.[10] Pictet did not publish its annual results during its 209 years as a simple partnership, then published annual results for the first time upon becoming a corporate partnership.[11] This enabled the company to manage its businesses in an international environment,[12] and also allowed the seven partners who are owner-managers of Pictet to preserve the rules of succession, which have remained unchanged for more than 200 years. Under those rules, ownership cannot be passed down to partners’ children: it is a temporary status that ends once a partner has retired. Partners hand over ownership of Pictet in batches every five to 10 years so that there are always partners from three generations connected to the family, to avoid problems that can arise with generational change.[9] To date, there have been only 47 partners.[13]

Pictet operates by assigning business activities and key functions like human resources, risk control, and legal affairs to different partners. Small committees supervise the various corporate activities so that no single partner is solely responsible for an entire area. Pictet Group’s senior partner, who is the most senior partner at the time of appointment, has oversight for areas concerning central corporate functions, such as HR, auditing, risk, and compliance.[9] As primus inter pares, he chairs the partners' meetings and represents Pictet inside and outside the bank.

Structure

[edit]

Wealth management

[edit]

Pictet Wealth Management provides private banking for owners of larger fortunes and family office services for families of exceptional wealth. The services include dedicated asset management, advice on strategy and investment selection, execution in global markets, safeguarding client assets, and continuous monitoring. For hedge funds, private equity, and real estate investments, Pictet Alternative Advisors, an independent unit, selects third-party investment managers to construct alternative investment portfolios for investors. Pictet Investment Office is a special unit within Pictet that only looks after the wealthiest and most sophisticated clients of the bank and invests their assets into liquid and illiquid opportunities, in public and private markets following a high-risk/return strategy across the capital structure.

Operating out of 22 Pictet offices worldwide, Pictet Wealth Management had CHF 277 bn of assets under management on 31 December 2024 and employed around 1220 full-time equivalent employees, including 361 private bankers.[14]

On 26 November 2012, it was reported that Pictet's wealth management unit was a target of the United States Department of Justice (DOJ), suspected of having aided tax evasion.[15] On 4 December 2023, Pictet concluded a final settlement agreement with the DOJ to resolve a legacy investigation relating to services provided by its private banking business to US taxpayer clients between 2008 and 2014. Under a three-year deferred prosecution agreement, Pictet agreed to pay a total sum of USD 122.9 (CHF 106.8) million, of which USD 38.9 (CHF 33.8) million is a fine.[16]

Asset management

[edit]

Pictet Asset Management manages assets for institutional investors and investment funds, including large pension funds, sovereign wealth funds, and financial institutions. It also manages assets for individual investors through an extensive range of mandates, products, and services. It provides clients with active and quantitative support for managing equities, fixed income, multi-asset and alternative strategies.

Since 1997, the department has been developing Socially Responsible Investments (SRI). It now manages SRI core equity portfolios for all major markets. It has also taken a thematic approach, focusing on environmental themes or sectors such as clean energy and timber that are key to the concept of sustainability.[17]

Operating out of 18 Pictet offices worldwide, Pictet Asset Management had CHF 291 bn of assets under management on 31 December 2024 and employed around 1119 full-time equivalent employees, including 489 investment professionals.[14]

Asset services

[edit]

Pictet Asset Services provides a range of services for asset managers, pension funds, and banks. These include fund services for institutional or private investors and independent asset managers; custody services in more than 80 countries; and round-the-clock trading across all significant asset classes by Pictet Global Markets. Fund services include setting up funds, administering them, and fund governance. With eight booking centres accessing the single global platform, Pictet Asset Services had CHF 234 bn of assets in custody on 31 December 2024 and employed around 224 full-time equivalent employees.[14]

Prix Pictet

[edit]

In 2008, Pictet launched the Prix Pictet, an award for photography highlighting societal interactions and problems.[18] Each year, nominated photographers are invited to submit a series of pictures on a chosen theme, from "Water" (2008) to "Storm" (2024).[19][20] The winner is selected by an independent jury led by David King.[21] Kofi Annan was president of the Prix Pictet from its founding in 2008 until he died in 2018.[22]

Tax misconduct

[edit]

In December 2023, Pictet agreed to pay $123 million to US authorities after admitting to helping clients illegally shield assets from tax in secret accounts from 2008 to 2014.[23]

According to the US Department of Justice, the bank "conspired with US taxpayers and others to hide more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere and to conceal the income generated in those accounts from the IRS."[24]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Pictet Group

View on Grokipedia
from Grokipedia

The Pictet Group is an independent Swiss investment partnership founded in 1805 in Geneva, specializing in wealth management, asset management, and asset servicing for private and institutional clients, while avoiding activities such as investment banking or commercial lending.
Headquartered in Geneva with 31 offices worldwide, it operates under a unique partnership model owned and managed by a select group of partners without external shareholders, fostering long-term decision-making, stability, and a focus on client discretion rooted in over two centuries of Swiss banking tradition.
As of December 31, 2024, the group reported CHF 724 billion in assets under management or custody, a total capital ratio of 24.5%, and 5,496 full-time equivalent employees, reflecting robust financial health amid global operations.
Renowned for its enduring independence and membership in associations like the Hénokiens for family-influenced firms over 200 years old, Pictet has nonetheless faced significant regulatory scrutiny, including a $123 million settlement in 2023 with U.S. authorities for aiding tax evasion through undeclared accounts and a 2025 fine of CHF 2 million from Swiss prosecutors for anti-money laundering lapses involving a client's transfers.

History

Founding and Early Development (1805–1900)

The Pictet Group traces its origins to 23 July 1805, when Jacob-Michel-François de Candolle (1778–1841) and Jacques-Henry Mallet (1779–1807), both under 30 years old, established De Candolle, Mallet & Cie in as a with three limited partners and initial capital of 125,000 pounds sterling. The firm operated from offices at 3, cour Saint-Pierre during a period of post-Napoleonic restructuring following 's to France from 1798 to 1814, initially focusing on commodity trading alongside early and transactions. In 1807, following Mallet's untimely death, the partnership restructured under the name De Candolle, Turrettini & Cie, incorporating Charles Turrettini-Necker (1782–1857) as a new managing partner while retaining de Candolle's leadership. By 1819, the bank relocated to 26, rue de la Cité, expanding into agency roles, such as becoming the Swiss representative for the Compagnie Générale d’assurances sur la vie in , and benefiting from 's integration into the Swiss Confederation in 1815, which stabilized the regional economy. Core activities centered on money changing, trading, arbitrage, and securities dealings, with securities trading emerging prominently in from 1850 onward as the city solidified its status as Switzerland's banking hub. The Pictet family entered the partnership in 1841 when Edouard Pictet (1813–1878) joined as a , prompting a rename to Turrettini, Pictet & Cie and marking the shift toward the firm's enduring family association. In 1856, the bank moved to 8, rue de la Corraterie, and by 1875, Edouard's son, Emile Pictet (b. 1845), ascended as a partner, reinforcing generational continuity. Through the late , the firm invested in like Swiss railways (1850–1870), the Formosa shipping line (launched 1857), and North American bonds, while joining the Financial Association of Geneva private bankers in 1872, which formalized industry standards amid growing . These steps entrenched its role in private banking, emphasizing discretion and long-term client relationships characteristic of 's Protestant banking tradition.

Expansion in the 20th Century

Following the economic disruptions of the in the and , Pictet & Cie diversified its activities into , commodities trading, and shipping to sustain operations amid reduced banking volumes. Staff levels remained modest, at approximately 70 employees by 1945. In the 1950s, as Western economies recovered, the bank initiated expansion by reviving services and attracting institutional clients, marking a shift toward broader advisory roles. By 1967, Pictet launched institutional , followed in the 1970s by global custody services to support growing international portfolios. Employee numbers increased steadily, reaching 300 by 1980, reflecting operational scaling in . International growth accelerated in the second half of the century amid financial . Pictet opened its first office outside in on June 5, 1974, followed by a branch in 1978 and a office in 1980 to tap into emerging markets and diversify client bases. In 1975, the firm relocated its to Georges-Favon to accommodate expanded activities. The 1990s saw further product innovation, including the launch of an Emerging Markets fund in 1991 and the formation of in 1999, which by 2005 managed approximately 70 billion CHF in assets. This period solidified Pictet's position as a key player in Switzerland's burgeoning sector, driven by post-war economic booms and Switzerland's neutrality.

Post-2000 Growth and Modernization

Following the turn of the millennium, Pictet Group pursued organic expansion and technological upgrades to support its core wealth and activities. In 2000, the firm gained direct access to the exchange, enhancing its capacity for institutional trading. By 2005, in Pictet Asset Management reached nearly 70 billion Swiss francs, while Pictet Funds oversaw over 80 investment funds totaling 35 billion Swiss francs. The group's workforce exceeded 2,000 employees, reflecting sustained hiring to handle growing institutional mandates and fund distribution. Operational modernization accelerated with the launch of the Unity IT project in , aimed at integrating systems across business lines, followed by the adoption of the banking platform in 2003, which processed up to 8,000 million to streamline back-office functions. Construction of a new headquarters at 60 Route des Acacias in began in September and completed in , consolidating operations in a facility designed for efficiency and future scalability. International presence expanded from 16 offices worldwide in 2005 to 31 by 2025, with targeted growth in , including a Pictet office in —its first in —and intensified private outreach in the region. Assets under management or custody rose steadily amid market fluctuations, reaching CHF 609 billion in 2021, dipping to CHF 608 billion in due to valuation effects, then climbing to CHF 633 billion in 2023 and CHF 724 billion in 2024, equivalent to approximately USD 821 billion by Q3 2024. Net new money inflows supported this trajectory, totaling CHF 11 billion in 2024. The firm maintained its partnership structure without mergers or acquisitions, prioritizing long-term client relationships over aggressive deal-making. Digital initiatives advanced further, including a rapid shift to remote operations during the and the establishment of a hub in in May 2025 to bolster and AI integration. By mid-2025, the workforce had grown to over 5,500 full-time equivalents, underscoring disciplined scaling aligned with demand for specialized services like alternative investments and sustainability-focused strategies.

Governance and Ownership

Partnership Model

The Pictet Group's partnership model aligns ownership, management, and long-term incentives through a limited number of partners who invest personal capital in the firm. As of December 31, 2024, the Group comprises seven Managing Partners, who oversee its overall direction, and 43 Equity Partners drawn from senior management, totaling 50 partners following the retirement of Renaud de Planta. This structure, evolved from principles established in 1805, emphasizes consensus-driven governance at the holding company level, with Managing Partners—such as Marc Pictet, Laurent Ramsey, and Sébastien Eisinger—holding significant equity stakes in controlling entities. The Board of Managing Partners defines the Group's strategy, , and supervises core activities, convening at least twice monthly to reach decisions by consensus, while the Group Executive Committee, including the Managing Partners and key function heads, handles implementation and internal controls. An independent provides additional oversight, meeting quarterly to review management performance. Partners meet formally three times weekly to deliberate on operations, fostering interdependence and stability over short-term gains. Equity Partners purchase shares at upon admission and redeem them at upon departure, rendering holdings illiquid until retirement and preventing wealth extraction or external speculation that could disrupt continuity. Selection prioritizes professional competence and peer approval over , though qualified family members from the ninth Pictet generation participate; new partners often receive loans to finance entry, repayable over time. Succession relies on overlapping tenures—averaging over 21 years—with only 47 Managing Partners serving across more than two centuries, ensuring and adherence to core values like client stewardship and evolutionary adaptation rather than abrupt shifts. This model, distinct from publicly traded or diversified banking structures, minimizes conflicts of interest and external pressures, promoting a focus on sustainable growth in asset and .

Family Influence and Succession

The Pictet Group's ownership structure emphasizes a model where managing partners hold equity and oversee operations, with principles of ownership and succession established in 1805 and maintained without alteration. As of 2024, the firm operates with eight managing partners, of whom only two are members of the Pictet family, alongside 43 equity partners who share in ownership but not daily management. This setup reflects a deliberate dilution of direct family control to prioritize merit and institutional continuity over hereditary claims, as articulated by former senior partner Ivan Pictet: the firm is "not actually a , but rather a family-run ." Family influence persists through the ninth generation's involvement, with figures such as François Pictet serving as a managing partner and Marc Pictet assuming the senior partner role on July 1, 2024, after joining the firm in 2001 and demonstrating expertise in . However, descendants receive education emphasizing that partnership carries no , fostering virtues like restraint and endurance to counteract entitlement risks common in dynastic firms. Selection draws from the original founding lineages (Pictet, Demole, de Saussure) or external talent, requiring candidates to prove entrepreneurial competence, cultural alignment, and typically external professional experience before election around age 40. Succession operates via overlapping tenures averaging over 20 years per partner—only 47 individuals have served in 220 years—ensuring seamless through consensus-driven meetings held three times weekly. New partners purchase equity at from retiring ones, preserving capital commitment without inheritance-based dilution, while the model's openness to non-family hires, including the first female partner in , underscores its adaptation to merit over lineage. This approach has sustained independence and long-term focus, mitigating pitfalls like observed in other family enterprises.

Business Activities

Wealth Management

Pictet Group's wealth management division offers tailored services to high-net-worth individuals, entrepreneurs, families, and institutional clients, emphasizing holistic advisory beyond traditional . These services encompass investment portfolio construction, , wealth planning, and solutions for intergenerational transfer, taxation, and , with a focus on long-term value preservation amid economic volatility. Operating through 22 offices worldwide, the division leverages the firm's partnership structure to prioritize client interests over short-term shareholder demands, directing capital toward productive sectors of the real economy while maintaining stringent risk controls. A core strategy involves customized approaches, including discretionary mandates, advisory services, and alternative investments, supported by dedicated teams of investment professionals exceeding in number. The division assesses client needs systematically, proposing innovative structures such as trusts or family governance frameworks to address complex requirements like and . This client-centric model has sustained growth, with the broader group reporting net new money inflows of CHF 11 billion in , partly attributable to activities amid stable operating income of CHF 3.16 billion. Financial solidity underpins these offerings, evidenced by the group's total capital ratio of 24.3% and liquidity coverage ratio of 206% as of December 31, 2024, enabling resilient performance through market cycles. contributes significantly to the group's overall or custody, which reached CHF 724 billion by year-end 2024, reflecting a 14% increase from 2023 driven by market appreciation and client inflows. The division's emphasis on stability aligns with Pictet's 219-year history of navigating crises without reliance on external bailouts, fostering trust among clients seeking prudent, independent stewardship.

Asset Management

Pictet Asset Management, established in 1980 as part of the Pictet Group, specializes in institutional , offering active strategies across equity, , alternatives, and multi-asset classes. It serves large financial institutions such as funds and focuses on long-term, responsible investing with an emphasis on thematic and sustainable approaches. The division employs over 1,100 staff, including 261 investment professionals across 18 investment centers and seven offices worldwide. As of the end of 2024, Pictet Asset Management managed CHF 489 billion in assets. This represents a portion of the Pictet Group's total or custody of CHF 724 billion, reflecting growth driven by net new money inflows and market appreciation. Key strategies include thematic equities, pioneered by Pictet since the 1990s, alongside early involvement in alternatives from 1989 and emerging markets across , equity, and products. The firm emphasizes innovative , such as sustainable equity portfolios and environmental opportunities strategies, which attracted significant inflows in , including a record EUR 6 billion mandate from a major European in November. solutions, , private assets, and Swiss-specific investments complement the offerings, with a commitment to soft-closing popular strategies to safeguard client returns. In October 2025, Pictet expanded into the U.S. market by launching its first exchange-traded funds (), including the Pictet AI Enhanced International Equity ETF (PQNT), Pictet Cleaner Planet ETF (PCLN), and Pictet AI & Automation ETF (PBOT), targeting thematic growth areas like and . These products align with the firm's expertise in customized thematic solutions, supported by over 70 professionals managing more than 100 segments using scientific frameworks.

Alternative Advisors

Pictet Alternative Advisors (PAA), established in as an independent unit within the Pictet Group, specializes in managing alternative investments to provide diversification beyond traditional for private and institutional clients. PAA focuses on hedge funds, , private debt, and through both indirect (fund-of-funds and co-investments) and direct investment approaches. The division employs strategies emphasizing manager selection, portfolio construction, and risk-adjusted returns in illiquid assets. In , PAA offers thematic funds, such as the Pictet Thematic Private Equity – Technology fund launched in October 2020, which raised USD 350 million at its hard cap to invest exclusively in and via fund-of-funds. It also pursues co-investments, targeting up to USD 1.25 billion for its Co-Investments VI fund, with a planned final close in 2025. Direct private equity activities include acquisitions like in July 2024, a provider of managed IT services. In , PAA partners with firms like Stoneweg to develop targeted platforms; the Axis platform, launched in 2025, invests in small and mid-sized logistics assets in the ' Randstad region and , seeded with eight properties totaling approximately 60,000 square meters of lettable at 100% . These initiatives incorporate elements, such as renovations and sustainability-linked financing from institutions like . PAA's and private offerings complement these, aiming for uncorrelated returns amid market volatility. In 2024–2025, PAA conducted surveys of private equity general partners assessing artificial intelligence's role in deal sourcing and operations, highlighting emerging trends in the sector.

Asset Services

Pictet Asset Services, a division of the Pictet Group, delivers custody, , and trading solutions tailored to professional clients such as fund managers, independent asset managers, and institutional investors. As an asset-servicing boutique, it provides both standard and customized services, including global and private custody across 95 markets, with integration capabilities for portfolio management systems. Core offerings encompass fund administration processes like net asset value (NAV) calculation, , and shareholder register maintenance as transfer agent, alongside handling corporate actions, valuations, and comprehensive reporting. Trading support covers equities, bonds, , derivatives, and mutual funds, facilitated by 24/7 access through Pictet Trading and Sales, with efficient cash and securities settlements. The division operates independently from activities to minimize conflicts of interest, emphasizing in-house management, risk awareness, and long-term client partnerships. Clients benefit from Pictet Connect, an online platform enabling real-time portfolio access, advisory insights, and flexible reporting from any location. As of June 2025, Pictet Asset Services oversees CHF 662 billion in assets under custody and CHF 350 billion in fund services, supported by 228 employees across seven global offices. It has maintained recognition for secure, transparent custody and superior client servicing for over 20 years, including retaining the top ranking in the 2025 Global Custody Survey by R&M, where it led the overall average over 25 years.

Philanthropic and Sustainability Efforts

Prix Pictet Award

The Prix Pictet is an international photography award established in by the Pictet Group, a Geneva-based wealth and firm, with the objective of leveraging to raise awareness of challenges, particularly and humanitarian concerns. The award emphasizes works of high artistic merit that confront pressing global issues, selected through a involving over 350 international experts such as curators, critics, and academics, followed by evaluation from an independent comprising prominent figures in and . The winner receives 100,000 Swiss Francs (approximately 110,000 USD as of 2025), while shortlisted photographers—typically twelve per cycle—benefit from global exhibitions that have collectively drawn over one million visitors since inception. Cycles occur every 18 to 24 months, each defined by a theme tied to , prompting photographers to produce or submit series addressing the topic through diverse genres including documentary, conceptual, and . Exhibitions of shortlisted works tour major institutions, such as the in and Les Rencontres d'Arles, fostering public engagement and often including commissioned pieces. The jury's criteria prioritize originality, technical excellence, and relevance to the theme, without restricting photographic techniques or styles. To date, more than 5,600 photographers have been nominated across eleven cycles.
CycleThemeWinnerYear of Award
1WaterBenoît Aquin2010
2EarthNadav Kander2010
3Growth2011
4PowerLuc Delahaye2012
5ConsumptionMichael Schmidt2014
6DisorderValérie Belin2015
7Space2017
8HopeJoana Choumali2019
9Fire2021
10HumanGauri Gill2023
11Storm2025
The award's influence extends beyond prizes, as past cycles have spurred discussions on topics like and human displacement, with winners' works published in books and featured in media partnerships, such as with the . For the 2025 Storm cycle, Chilean artist was selected for his series , depicting flooded archives in Bosnia as a metaphor for cultural loss amid environmental crises, announced at the V&A on 25 September 2025.

Financial Performance

The Pictet Group's or custody (AUM) have exhibited consistent long-term growth since the early , driven by a combination of net inflows from high-net-worth individuals and institutions, favorable market conditions, and expansion in wealth and services. From approximately CHF 373 billion in , AUM expanded to CHF 437 billion by the end of 2015, reflecting an average annual growth rate of about 3.2%, supported by steady net new money amid post-financial crisis recovery. This period highlighted Pictet's focus on stability rather than aggressive expansion, with growth tempered by selective client acquisition and avoidance of high-risk strategies. Subsequent years saw accelerated expansion, particularly from 2016 to 2021, as global equity markets rebounded and Pictet enhanced its offerings in alternative investments and international markets. AUM reached CHF 609 billion by December , up from CHF 576 billion at the start of the year, bolstered by CHF 24 billion in net new money despite disruptions. By 2021, it surged 15% to CHF 698 billion, fueled by strong investment performance and continued inflows. However, 2022 marked a contraction to CHF 608 billion due to market volatility and outflows in response to rising interest rates, underscoring the cyclical influence of financial markets on AUM. Post-2022 recovery demonstrated resilience, with AUM climbing 4% to CHF 633 billion in 2023 on CHF 16 billion net inflows, followed by a 14% rise to a record CHF 724 billion in , driven by CHF 11 billion in net new money and buoyant equity markets. Overall, from to , AUM more than doubled, averaging compound annual growth exceeding 5%, attributable to Pictet's partnership model emphasizing long-term client relationships over volume growth.
YearAUM or Custody (CHF billion)Year-over-Year Change (%)Net New Money (CHF billion)
2010373--
2015437+17 (cumulative from 2010)-
2020609-24
2021698+15-
2022608-13-
2023633+416
2024724+1411
This trajectory reflects Pictet's strategy of prioritizing quality over scale, with growth less volatile than peers due to its family-controlled structure and avoidance of . Market-dependent fluctuations remain a key risk, as evidenced by the dip, but consistent net inflows indicate enduring client trust.

2024 Financial Results

In 2024, the Pictet Group reported a consolidated net profit of CHF 665 million for the year ended 31 December, marking a 15% increase from CHF 577 million in 2023. This growth was driven by stable operating income of CHF 3.16 billion, alongside reduced total expenses before tax to CHF 2.34 billion, resulting in an improved cost-income ratio of 74% compared to 77% the prior year. Assets under management reached a record CHF 724 billion as of 31 December 2024, reflecting 14% growth from CHF 633 billion in 2023, primarily attributable to favorable market conditions and investment performance rather than substantial net inflows. Net new money totaled CHF 11 billion, down from CHF 16 billion in 2023, indicating moderated client inflows amid a competitive landscape. The group's remained robust, with total equity at CHF 3.78 billion and total assets expanding to CHF 43.2 billion. Regulatory metrics exceeded requirements, including a liquidity coverage ratio of 212% (above the minimum of 100%) and a total capital ratio of 24.5% (surpassing FINMA's 12% threshold). These figures underscore Pictet's conservative risk profile, with no exposure to or commercial lending activities.
Key Metric2024 (CHF million)2023 (CHF million)Change (%)
Consolidated Net Profit665577+15
Operating Income3,1603,162-0.1
724,000633,000+14
Net New Money11,00016,000-31
Cost-Income Ratio74%77%Improved

2023 US Tax Evasion Settlement

On December 4, 2023, Banque Pictet & Cie SA, the core banking entity of the Pictet Group, entered into a three-year deferred prosecution agreement with the U.S. Department of Justice's Tax Division and the U.S. Attorney's Office for the Southern District of New York, admitting to conspiring with U.S. taxpayers to hide assets and income from the Internal Revenue Service. The agreement resolved a long-standing investigation into the bank's practices from 2008 to 2014, during which it maintained 1,637 undeclared accounts for U.S. clients holding over $5.6 billion in assets, enabling evasion of approximately $50.6 million in U.S. taxes. Under the terms of the deferred prosecution agreement, Banque Pictet agreed to pay $122.9 million to the , comprising a $50 million penalty, $5.6 million in restitution for unpaid es, and $67.3 million in of profits derived from the illicit activities. Prosecution will be deferred for three years, after which charges will be dismissed if the bank fully complies, including by providing ongoing cooperation in related probes, enhancing U.S. compliance protocols, and certifying implementation of internal controls to detect and deter future evasion. The bank's conduct involved advising U.S. clients on structuring accounts to avoid reporting requirements, such as through undeclared policies and nominee structures that obscured from U.S. authorities. Pictet characterized the resolution as addressing a "legacy investigation" tied to pre-2014 practices, emphasizing that it had since adopted stricter adherence to U.S. tax laws and automatic exchange of information standards under the . The settlement did not impact Pictet's credit ratings, as assessed by agencies like Fitch, which viewed the payment as manageable relative to its capital base.

References

  1. https://www.pictet.com/us/en/about
  2. https://www.pictet.com/us/en/about/partners
  3. https://www.pictet.com/content/dam/www/documents/publications/annual-review/2024/PictetGroup_2024-25_ENG.pdf.coredownload.pdf
  4. https://www.swissinfo.ch/eng/business/swiss-bank-pictet-to-pay-123m-to-end-us-tax-case/49031452
  5. https://www.reuters.com/business/finance/switzerland-sentences-former-pictet-employee-money-laundering-2025-06-17/
  6. https://www.insead.edu/sites/default/files/assets/dept/centres/wicfe/docs/CFBR-Pictet-English-version-June-2019.pdf
  7. https://www.pictet.com/content/dam/www/documents/corporate-publications/pictet_history_en.pdf.coredownload.pdf
  8. https://www.pictet.com/us/en/about/origins-of-pictet
  9. https://www.pictet.com/us/en/about/a-pioneering-approach
  10. https://www.pictet.com/content/dam/www/documents/publications/annual-review/PictetGroup-Annualreport-2020-EN.pdf.coredownload.pdf
  11. https://www.pictet.com/content/dam/www/documents/publications/annual-review/Pictet-Group_Annual-report-2021-EN.pdf.coredownload.pdf
  12. https://www.pictet.com/content/dam/www/documents/publications/financial-reports/Pictet%2520Group%2520-%25202022%2520Annual%2520Report.pdf.coredownload.pdf
  13. https://www.pictet.com/content/dam/www/documents/publications/financial-reports/PictetGroup-2023-Annual-Report.pdf.coredownload.pdf
  14. https://www.pictet.com/content/dam/www/documents/publications/financial-reports/PictetGroup-2024-Annual-Report.pdf.coredownload.pdf
  15. https://www.euromoney.com/reports/the-worlds-largest-global-private-banks-by-aum/
  16. https://www.businesstimes.com.sg/international/ninth-generation-pictet-leader-banks-organic-growth-and-partnerships
  17. https://www.pictet.com/us/en/corporate-news/pictet-technologies-opens-new-hub-lisbon
  18. https://www.pictet.com/us/en/corporate-news/a-partnership-system-more-enduring-than-marriage
  19. https://www.pictet.com/content/dam/www/documents/publications/pictet-model-witten-institute/Pictet-Model-EN.pdf.coredownload.pdf
  20. https://www.wealthbriefingasia.com/article.php/Pictet-Changes-Partner-Line_dash_up
  21. https://www.pictet.com/us/en/corporate-news/succession-without-DNA
  22. https://www.reuters.com/business/sustainable-business/swiss-wealth-manager-pictet-appoints-first-female-partner-200-year-history-2021-06-21/
  23. https://www.henokiens.com/userfiles/file/Case_study_Pictet_EN.pdf
  24. https://www.pictet.com/global/en/wealth-management
  25. https://www.pictet.com/uk/en/private-banking-individuals-families/wealth-solutions
  26. https://assetservices.group.pictet/
  27. https://www.pictet.com/it/en/wealth-management
  28. https://www.pictet.com/us/en/corporate-news/release-full-year-2024-figures
  29. https://am.pictet.com/us/en/about-us
  30. https://markets.financialcontent.com/stocks/article/bizwire-2025-10-16-pictet-asset-management-launches-first-us-etfs
  31. https://www.preqin.com/data/profile/fund-manager/pictet-alternative-advisors/99177
  32. https://www.seca.ch/en/find-members/pictet-alternative-advisors-sa/
  33. https://www.pictet.com/content/dam/www/documents/corporate-publications/Inbrief_EN_DIGITAL.pdf.coredownload.pdf
  34. https://www.privateequityinternational.com/institution-profiles/pictet-alternative-advisors-sa.html
  35. https://www.pictet.com/us/en/corporate-news/Pictet-Alternative-Advisors-raises-USD-350m-for-thematic-Private-Equity-fund
  36. https://www.wealthbriefing.com/html/article.php/deals-of-the-day%253A-the-latest-in-wealth-management-m%2526a--pictet
  37. https://www.pictet.com/us/en/corporate-news/real-estate-platform-axis
  38. https://www.pictet.com/ch/en/alternative-investments
  39. https://www.pictet.com/us/en/corporate-news/is-ai-taking-over
  40. https://www.pictet.com/ch/en/asset-services
  41. https://www.pictet.com/ca/en/insights/riding-rising-asia-wealth-wave
  42. https://x.com/PictetGroup
  43. https://prix.pictet.com/about
  44. https://prix.pictet.com/artists
  45. https://prix.pictet.com/news/alfredo-jaar-wins-eleventh-prix-pictet
  46. https://hedgenordic.com/wp-content/uploads/2011/04/The-Pictet-Group_201012_EN.pdf
  47. https://hubbis.com/news/pictet-reveals-rise-in-aum-and-net-new-assets-in-2015
  48. https://www.pictet.com/us/en/corporate-news/release-full-year-2023-figures
  49. https://www.finews.com/news/english-news/66330-pictet-financial-report-2024-aum
  50. https://www.wealthbriefing.com/html/article.php/pictets-profit%252C-aum-up-in-2024
  51. https://www.justice.gov/archives/opa/pr/swiss-private-bank-banque-pictet-admits-conspiring-us-taxpayers-hide-assets-and-income
  52. https://www.justice.gov/tax/case/united-states-v-banque-pictet-et-cie-sa
  53. https://www.reuters.com/world/us/switzerlands-banque-pictet-admits-hiding-billions-us-tax-authorities-2023-12-04/
  54. https://www.forbes.com/sites/jayadkisson/2023/12/16/banque-pitet-enters-into-deferred-prosecution-agreement/
  55. https://www.pictet.com/us/en/corporate-news/settlement-agreement-with-us-departement-of-justice
  56. https://www.fitchratings.com/research/banks/pictets-ratings-unaffected-by-us-tax-dispute-resolution-06-12-2023
Add your contribution
Related Hubs
User Avatar
No comments yet.