Technology can support us, but it cannot replace the human touch
What led you to choose economics and finance as your academic path?
I have always had a passion for economics, and I was fortunate to have some inspiring professors. After my BA, I considered studying law, but I realised that legal qualifications are not always transferable between regions. Business school felt more versatile, and finance appealed to me because numbers are universally important. However, I have always been a people person. I knew my career would involve meeting clients and building relationships, not just working with figures.
What is the one essential skill that has carried you through your career?
Adaptability has been essential. Asset servicing, like much of banking and finance, is evolving rapidly, influenced by technology, geopolitics and economic shifts. As a service partner, we must adapt quickly to market changes and anticipate our clients’ evolving needs. Competition is intense, so we need to be clear about our strengths and keep developing our skills.
Tell us about PAS’s business in Asia and the local context.
Today, we manage a healthy book in Asia for institutional clients, including asset managers, multi-family offices, foundations and pension funds. We provide comprehensive asset servicing solutions, such as fund servicing and global custody out of our two main hubs Singapore and Hong Kong.
Clients in Asia are increasingly looking to diversify their banking relationships. Traditionally, many relied on US banks, but there is now a shift towards Swiss banks, partly due to concerns about stability.
Hong Kong’s geography and regulatory environment have long made it attractive for asset managers, especially for IPOs and fundraising. Its proximity to China also brings significant investment opportunities. Singapore, meanwhile, has become a major centre for family offices over the past five to ten years, thanks to favourable tax incentives, regulatory improvements and a business-friendly approach from the authorities. Working closely with colleagues at other business lines, I travel regularly between both cities to meet clients. Each location has its own strengths and unique market dynamics, which create a broad range of opportunities for us.
What is the potential for growth in asset services in Asia?
We have observed that clients in Asia are increasingly looking to diversify their banking relationships. Traditionally, many relied heavily on US banks, but there is now a shift towards Swiss banks, partly due to concerns about long-term geopolitical stability and the future of the US dollar. Clients are asking whether the US will remain as safe as it has been, and many now prefer not to have more than two US banks as key partners. Switzerland is viewed as a stable, neutral country, much like Singapore, and both are highly regarded in Asia for their reliability. Being a Swiss bank in Singapore gives us a distinct advantage in reaching clients who may not have considered us before.
“Being a Swiss bank in Singapore gives us a distinct advantage in reaching clients who may not have considered us before.” — Amy Lau
In an interview you gave to Wealth Briefing, you spoke about Singapore's variable capital company (VCC) system. How does it fit into your business?
The VCC is a relatively new investment vehicle introduced by the Singaporean authorities in 2020. It is designed to support wealth succession, governance and the involvement of next generations in family offices. The VCC provides a flexible, well-regulated structure with tax incentives, making it attractive for both Asian and international investors. It combines some of the best features of Cayman and Luxembourg funds and can be offered in a similar way to a Luxembourg fund structure.
VCCs are now a key element of our strategy for growing our investment fund business in Asia. We work closely with clients to help them understand the benefits of the VCC structure and to implement solutions that meet their needs. While Hong Kong has developed a similar structure, our current focus is on VCCs, which have rapidly gained traction in the region.
What are Pictet’s USPs compared to its competitors?
Pictet’s financial strength and independence set us apart. As an independent partnership, we are not driven by short-term shareholder demands, so we can focus on long-termvalue creation for clients and the business. We prioritise understanding our clients’ needs and supporting their growth, rather than simply selling products.
Staff stability is another important differentiator. Our clients appreciate having the same relationship managers over time. Continuity is rare in the industry.
They value our focus on our core strengths – wealth and asset management – rather than diversifying into areas where we have little expertise. Our managing partners are directly involved with clients, often travelling to Asia to meet them in person, or welcoming them in Geneva. This level of personal engagement is highly valued and sets us apart from many other financial institutions. Clients often tell us how much they appreciate meeting our managing partners and the continuity we offer.
Lastly, staff stability is another important differentiator. Our clients appreciate having the same relationship managers over time – continuity is rare in the industry, especially in Asia. This consistency builds trust and enables us to develop deep, long-term partnerships. Some of our clients have been with us for 30 years or more, which shows our commitment. We continue to serve all our clients with the same principles, values and vision, regardless of how long they have been with us.
How do you see technology, including AI, shaping the business?
Technology is essential for us to remain competitive, especially in terms of operational efficiency and automation. AI and digital tools can help us streamline processes, reduce costs and focus more on what matters most: delivering value to clients. However, this is fundamentally a service business built on trust and personal relationships. Technology can support us, but it cannot replace the human touch.
Our clients expect both efficiency and personal attention. The challenge is to embrace technology without losing the qualities that define Pictet – trust, discretion and a genuine understanding of our clients’ needs.
Is there a book you have read recently that has left a lasting impression?
Yes, the last book I read was My Life in Full by Indra Nooyi, the former CEO of PepsiCo. Her journey is inspiring. As an Indian-born American woman in a major US company, she overcame many barriers thanks to her perseverance, resilience and discipline. She managed to thrive professionally while raising two daughters, long before the era of the internet and smartphones. What I found most impressive was her humility and her commitment to helping younger women manage their careers while maintaining a balance with family life. This resonates with me and is one reason why I am passionate about the Pictet women’s community. Empowering women is very important to me, both within the firm and in society more broadly.
Who has been a source of inspiration for you?
My parents are my greatest inspiration. They instilled in me the values of discipline, satisfaction in a job well done, integrity and respect. I am deeply grateful to them for this. My husband, whom I have been married to for 20+ years, is a great source of support and partnership. Like me, he is from Hong Kong, but we met in the US. When we spend time together, we talk about everything: not only about children and family, but also about work or topics of our surroundings.
Professionally, I am fortunate to have managers whose leadership, discipline and consistency have helped me grow, both as a professional and as a person. Having strong leaders who support staff development is invaluable, and I am very grateful for their guidance.