The move to tap the two regions comes after the Geneva-based firm saw a 10 per cent jump in activity for funds of hedge funds in 2009. Pictet, whose client base primarily comprises the Swiss and the French, is keen on promoting its products in Asia.

The team, which includes Pictet's alternative products specialist Steve Huguenin-Virchaux, will be based in Geneva and initially target clients from Hong Kong and Australia, although, as a global entity, its services are not limited to these areas. The unit will be working very closely with Amy Cho, the regional head of business development, Asia Pacific ex-Japan, Pictet Funds and Pictet Asset Management, who is based in Hong Kong.

Pictet has around $3.5 billion in funds under management, and another $3 billion in its advisory and segregated mandates businesses.