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About Pictet
Today, Pictet & Cie is considered one of the leading banks in continental Europe specialising in wealth management. Run as a partnership, Pictet & Cie's activities concentrate exclusively on private wealth management and the associated activities.

Thus, unlike the shareholders in a limited company whose liabilities are restricted to their share of the capital, Pictet & Cie's eight Partner-Managers have collective and unlimited liability for the Bank's commitments over their own personal wealth. They also combine ownership and management of the Bank in their hands.

In Switzerland, this status which entitles them to enjoy the protected and specific status of "private banker" and to add the "& Cie" to their corporate name, is recognised only for businesses set up by individuals or as partnerships.

A thorough investment process

The investment philosophy pursued by Pictet reflects our beliefs about the basic mechanisms of financial markets and how they work. They provide us with a fundamental framework that determines both our approach to market analysis and how we assess both the economic environment and individual companies.
 
Our principles
Our investment principles can be summarised in nine points:

  • The price of any financial asset should reflect the present value of its future cash flows.
  • In reality though, financial asset prices can deviate quite significantly – and sometimes over quite extended periods – from their equilibrium levels.
  • In the long term, the price should eventually revert to its equilibrium value.
  • The nature of such inefficiencies in the market can change over time, but there are always opportunities to be seized.
  • The 'snap-shot' valuation of a financial asset does not give insight into its likely near-term return, but it is central to its long-term return (five years or more).
  • The equilibrium value of a share depends on the ratio between the relevant company's return on equity and cost of capital.
  • Inflation and interest rates are key cogs in market mechanisms.
  • In the short to medium term, there is greater certainty in anticipating economic trends on the basis of financial market developments than vice versa.
  • Correlations between the different asset classes fluctuate over time.

A structured process
Pictet & Cie's expertise in the field of wealth management is widely acknowledged and regularly results in awards, as can be seen from the international rankings for investment funds that mention the Bank's products. The key to this success lies in a disciplined investment process founded on transparent organisation, clearly defined responsibilities at every stage and an investment strategy that is tailored to the needs of all types of portfolio. Our approach combines a balanced blend of rigour and flexibility, a focus on long-term returns, carefully controlled risk and complete objectivity when it comes to selecting the financial instruments in which to invest.

The Investment Committee
The Investment Committee is the cornerstone of the investment process. It defines the guidelines for all aspects relating to asset allocation and the overall management policy based on the different levels of risk and reference currencies on over 80 markets. Its decisions are based on the analyses and results of propriety valuation models from the Bank's research division, as well as on information on hedge funds and funds managed by third parties.