Banking Barometer 2018: Pictet
Although it did not comment on what its hiring spree may have done to its cost/income ratio, it confirmed that it would “continue to invest” in hiring and technology upgrades with analysts assuming the cost was being eked out of its considerable earnings.
Assets under management or custody surpassed half a billion at Pictet in 2018 and at $512 billion, were double those at arch-rival Lombard Odier – $204 billion of these were managed by Pictet’s private bank. The figure pales in comparison to industry leader UBS’ $600+ billion or fellow-pure player Julius Baer with $395 billion, which is a more relevant benchmark for the bank.
Although Pictet is under no compulsion to reveal numbers, data released by the bank in 2018 proved once and for all that while it may be shy, it certainly had nothing to hide.
