“The Board of Partners at Pictet does not make decisions by vote”
Elif Aktuğ is one of the newer faces of the Pictet Group. Having previously worked at Goldman Sachs, she is an alumna of Sciences Po and Stanford. She joined the Geneva-based bank in 2011 and now oversees its alternative investments business, a strategic area for the bank. In 2021, at the age of 47, Elif Aktuğ was named Managing Partner of Pictet. She is the first woman to join the Board of Partners, the select group of owner managers of financial institution founded in 1805. In her first interview with a French-language media outlet, Agefi Finance, Elif Aktuğ provides an insight into how this governing body works. She also announces that Pictet is preparing to offer a custody service for crypto assets.
Interview by Frédéric Lelièvre and Olivier Wurlod, Agefi Finance
Can you tell us briefly about your career prior to joining Pictet? What prompted you to join the Group in 2011?
I’ve spent my entire career with two institutions. Before joining Pictet, I was at Goldman Sachs in London, first in investment banking (mergers and acquisitions) and then in proprietary trading.
My husband and I were envisaging a move from London to Geneva. We made our decision in 2005 and gradually put our plan into action over the following six years. He moved first and we bought our main residence.
It took me longer to leave Goldman Sachs because of my professional commitments. In the end, it was the 2009 crisis and the end of “prop trading” – due in particular to the Volcker rule – that made it easier for me to leave. I chose Pictet because I recognised the sense of partnership that I experienced at Goldman Sachs when I arrived in 1997. It reassured me and drew me to Pictet. I joined Pictet Asset Management to launch and manage a hedge fund.
You arrived in 2011 in the midst of a crisis, banking secrecy had just been abolished... Did this cause you to question your decision?
My decision was well-considered and carefully thought through over time. My husband and I knew exactly what to expect when we moved here. Today, I’m more convinced than ever that I’m in the right place at the right time. In the current global context, leading an institution that is independent of shareholders and recognised for its solidity
is a major advantage.
What I value even more is Pictet’s commitment to independent thinking. It allows Pictet employees to freely express their investment views and select the best opportunities without being subject to political interference, as may be the case in other countries. In Switzerland, we can stand by our core values with our clients and advise them to the best of our ability.
Fifteen years on, the banking sector is still feeling some of the after-effects of the 2008 to 2009 crisis, including the loss of one of its two biggest banks...
I can’t really compare the current situation with that of 15 years ago, because back then my universe was very much limited to my Bloomberg screen. Today, I am convinced that the Swiss financial centre still has an important role to play.
At Pictet, our clients require comprehensive advice, not just guidance on investment opportunities in the US. Even though the US market accounts for more than 70% of the MSCI World Index and therefore features prominently in global portfolios, we are well placed to support our clients with investments in Switzerland, Europe and Asia.
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