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  1. Wealth
June 8, 2010

WSJ: Ivan Pictet, retiring, on Asian HNWs

By Spear's

Over a 30-year career with the Swiss private bank that bears his name, Ivan Pictet counts the bank’s expansion into Asia among the most significant achievements.

Over a 30-year career with the Swiss private bank that bears his name, Ivan Pictet counts the bank’s expansion into Asia among the most significant achievements.

At the end of June, Mr. Pictet retires as senior managing partner at Pictet & Cie., one of Switzerland’s largest private banks with assets under management and custody totaling $383 billion. He was in Hong Kong recently, where he discussed Asia’s private-banking scene with Duncan Mavin. The following interview has been edited.

WSJ: What’s the difference between private-banking clients in Asia and those in Europe or North America?

Mr. Pictet: Most Asian clients I know are more conservative, more preoccupied by the preservation of their wealth than those in Europe and North America.

WSJ: What sort of private-banking products or services do you think will be most attractive to wealthy investors in Asia in the next few years?

Mr. Pictet: For the ultra-high-net-worth segment, The efficient transfer of ownership and management of family assets to the next generation will become a more pressing issue in the next five to 10 years. Wealthy families in Asia will need to take into better consideration the issue of succession planning. Family governance will play an increased role in the future.

To read the full story, visit wsj.com

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