Swiss bank Pictet Wealth Management is deepening its visibility among wealthy families in Asia and the rest of the world through a new agreement.
The Geneva-headquartered wealth manager has signed a three-year partnership to sponsor the IMD Global Family Business Award, launched by the International Institute for Management Development (IMD) in 1995.
The award recognises family businesses across the globe that combine family interests with business values and social responsibility, and also conduct responsible succession planning.
This year the award went to Milan-headquartered De Agostini Group earlier this month. Several Asian companies too have picked up the IMD Global Business Award in the past.
Ayala Corporation, one of the largest family conglomerates in the Philippines, won the award in 2014, while Japan’s Yazaki Corporation was recognized in 2007.
Commenting on what this partnership means for Pictet, a spokesperson told Citywire Asia that the award enables the group to highlight its expertise in supporting families globally.
The Pictet group is itself run by seven owner-managers, and was established by one of Switzerland’s wealthiest families in 1805.
Aside from sponsoring the IMD award, the $516 billion wealth manager is launching new products to attract more ultra-high-net-worth clients globally.
In Asia, the firm has been actively growing its private equity and discretionary offerings for the past two years.
In addition, it is looking to tap the Chinese market, which is on the brink of wealth transfer. Most of Pictet’s Asian assets currently come from clients in Hong Kong, Singapore and Taiwan.
The bank said that its decision earlier this year to shut its independent asset manager desk in Asia, which also offered custodian services to family offices will not affect its business with Asian clients.
‘[It] will have no impact on Pictet’s accounts with families, as the booking centre activities will be taken up by the group’s banks in Geneva and Luxembourg,' the spokesperson said.
‘As for Asia, Pictet is currently boosting its presence in the segments of fund administration and global custody services in the region, according to local demand.’