Pictet Appoints New Head of Private Banking

Stephen Harris

6 March 2007

Philippe Bertherat has taken over as head of private banking at Pictet & Cie, replacing Jacques de Saussure and Nicolas Pictet. Mr Bertherat, who joined the bank 10 years ago, is one of the eight Pictet partners. Last year Pictet's institutional assets, at SFr122 billion overtook private client assets of SFr116 billion, for the first time. Last month Heinrich Adami, managing director, and head of the Swiss private bank’s London operation confirmed that the Swiss bank will only grow organically and will remain independent in the face of increasingly high offers from potential acquirers. “In the face of many tempting offers for us to sell, it’s more tempting for us to stay as we are,” he said. The bank's eight partners ages range from 35 to 60. This, along with each of the partners having to agree to a constitutional change, will be sufficient for the bank to retain its present partnership structure, said Mr Adami.