Paperjam.lu

Pictet will keep more than 650 at its Luxembourg office despite moving the banking HQ to Germany. Photo: M3 Architectes 

Pictet celebrated 30 years in Luxembourg in 2019 but will be moving part of its activities--the seat of the Pictet & Cie (Europe) SA bank--to Germany by the second half of 2022. The group parent is based in Geneva.

The news was first reported by RTL but was confirmed by a spokesperson.

However, this does not mean that Pictet will be quitting Luxembourg altogether. “This is a strategic decision aimed at reinforcing the presence of Pictet in Germany, which is a growing market, key for the Pictet group,” said spokesman Frank Renggli.

More than 650 employees will stay based in the grand duchy, he said, working for the group’s other services, including Pictet Wealth Management, Pictet Asset Management, Pictet Alternative Advisors, Pictet Asset Services, Fund Partner Services  and Pictet Technologies.

“On the whole, Luxembourg remains a key location for Pictet and its largest presence worldwide outside of Geneva,” Renggli said. Around 40 employees are being moved to Frankfurt.

The Luxembourg office was set up in 1989 to cover the European market. From five employees initially, it now counts around 700 staff, split between Kirchberg and Belval.

The office also oversees six foreign branches in London, Paris, Madrid, Frankfurt, Turin and Hong Kong, making up 900 out of the group’s 4,500 employees in total.

This story was first published in French on Paperjam and has been translated and edited for Delano.