2022 was a trying year for the industry, due to geopolitical tensions, more climate risk, monetary tightening and the highest levels of inflation in decades, resulting in massive disruptions and deleveraging across most asset classes in Asia.

In such periods of turbulence, Pictet is generally regarded as a safe haven: clients value Pictet’s stability, the strength of its balance sheet and its long-term approach. The “Pictet Fortress” offers certainty to its employees, clients, regulators and the investment community.

The Pictet partnership has always been about continuation. Through the many financial and economic crises over the past 218 years, Pictet has navigated the ups and downs of booms and busts, of wars and peace, and repeatedly demonstrated that it has not only survived but thrived in challenging times.

Notwithstanding the external pressures in 2022, Pictet rose to the challenge. In Asia, its wealth management business stayed resilient and stable across all key metrics — AUM, net new money, revenues and the relationship manager base. We still delivered high quality assets and revenues — with more than half of the AUM in managed solutions and over 60% recurring revenues. We kept investing in people and platform, expanding our investment specialist teams across the region, achieving a high 1:2 investment professionals to banker ratio — a reflection of the strong commitment to Pictet’s legacy as an investment led firm.

With the focus on our strong value proposition for UHNW clients, we expanded our Wealth Solutions platform in 2022, adding dedicated Philanthropy Services in Asia.

Pictet’s unique independent private partnership model takes a long term approach — looking beyond more than a few quarters, and focusing on active investment with interests aligned with clients. In Asia, we remain focused on investment performance and on delivering the outstanding Pictet service to clients, investing in people and platform, driven by our strong legacy and guiding principles around independence, long term thinking, partnership, responsibility and entrepreneurial spirit.