DNB Asset Management, which is part of Norway’s largest financial services group DNB, has €77bn of assets under management. It has a Ucits Sicav (société d'investissement à capital variable, a publicly traded open-end investment fund) umbrella fund that is domiciled in Luxembourg and manages €3bn in assets.

“We are delighted that DNB Asset Management chose us as the new asset services provider for their Ucits umbrella fund,” said CEO of Pictet Asset Services Marc Briol. “Our long-standing expertise and extensive offering in servicing third party funds allows us to adapt our service level to meet the client’s needs and align with their operating model.”

Headquartered in Geneva, the Pictet Group has been in Luxembourg since 1989, but from the grand duchy to Frankfurt in 2021. It is mainly active in wealth management and asset servicing, said its management report published on 3 May 2022, and offers custody, brokerage and trading services to private clients, asset managers, institutional clients as well as services to independent asset managers.

As of 30 September 2022, Pictet Asset Services has CHF 530bn assets under custody and CHF 288bn in fund services, has 228 full-time employees (not counting the employees in the technology and operations division or in trading and sales), and has six account domiciliation centres.

“We are pleased to be able to count on Pictet Asset Services’ strong suite of bespoke services and support in our ambition to continue expanding our international customer base with our range of Luxembourg-domiciled funds,” said DNB Asset Management managing director Mike Judith.

DNB Asset Management was established in Luxembourg in 1990. They offer investment strategies ranging from broad equity and fixed income funds to specific funds covering sectors such as technology, healthcare, renewable energy or Nordic small-caps. The majority of its 17 funds in Luxembourg are equity funds (12), followed by three bond funds, one multi-asset fund and one long/short equity fund.