Swiss headquartered Pictet has announced that, following regulatory approval, its London banking branch can now offer booking centre services with immediate effect.
According to the bank, the new capability is designed to meet significant demand from international private clients who wish to have their assets in custody in the United Kingdom. The UK is deemed to be an attractive booking centre because of the stability and transparency of its legal and regulatory environment.
This expansion of Pictet Wealth Management (PWM)’s services accompanies an increase of over a third in the number of London-based bankers this year, bringing the current total to 33. To accommodate business growth, last month PWM moved to bigger premises close to its former Mayfair offices.
Heinrich Adami, CEO of PWM UK, commented: “The UK, and London in particular, is exceptionally well-suited to the needs of the ultra-wealthy.
“Key attractions for our clients are the robust legal system, an entrepreneurial spirit and a predictable fiscal regime.
“These advantages, together with a vibrant international culture, world class services, and renowned private education system, make it the destination for such clients.”