Pictet, the Swiss private bank, is to “significantly” expand its wealth management business in

Zurich by appointing a former senior executive at Boston Consulting Group and managers from HSBC and Julius Baer.

“We are convinced that

Zurich offers Pictet the possibility of doing business with a large number of exacting clients who will be drawn by Pictet’s philosophy, as well as the bespoke services, the long-term personal business relationships and the independent advice the bank provides,” Jacques de Saussure, managing partner of Pictet, said in a statement.

Pictet, which is run as a partnership where partners carry unlimited liability, has fared relatively well compared to some of the world's bigger wealth management houses, as the latter have been hit by heavy losses sustained by their investment banking affiliates in the credit crunch.

Victor Aerni joins the firm on 1 April 2009 as head of its Zurich-based wealth management activities. He has worked at the Boston Consulting Group AG for 16 years, and in 2000 was promoted to partner.  In this capacity, Mr Aerni was responsible for the Swiss financial institutions practice as well as the global private banking/wealth management practice. 

A Swiss by birth, Mr Aerni’s work as a consultant focused on company and sector strategies for financial services providers in the fields of private banking and asset management. 

Meanwhile, four senior private banking specialists from HSBC Guyerzeller Bank will join Pictet's existing Zurich-based wealth management team, which comprises 26 staff. The head of this group is Eric Saager – Pictet did not confirm the names of the other managers when asked by WealthBriefing. In addition, two senior portfolio managers from Julius Baer will be joining Pictet’s portfolio management team, which is led by Christian Rutschmann. These managers also join Pictet on 1 April.

“The objective is to double the size of the bank’s wealth management operations in

Zurich over the course of the coming economic cycle, in so far as the economic situation allows,” said Christian Gellerstad, chief executive of Pictet’s wealth management division.

It was the expansion of Pictet’s wealth management activities that prompted the bank to move offices on 1 December 2008. Pictet & Cie’s new premises at Freigutstrasse 12 in Zürich provide twice the office space available at the previous location at Bärengasse, it said.

Pictet, which dates its origins to 1805, is headquartered in

Geneva and oversees more than SFr312 billion ($269 billion) of assets.