Geneva-based Pictet Asset Management
is coming to New York City
. The first U.S. Pictet AM office is located at 712 5th Avenue and will be led by Liz Dillon
, who most recently served with Pictet in London as head of global financial institutions. With the move to the New York office, she will be appointed as CEO of Pictet Asset Management (USA) Corp. Pictet's arrival in NYC has been in the works at least as far back as last November
| Elizabeth Retta "Liz" Dillon|
Pictet Asset Management
Head of U.S. Intermediaries Group and Subadvisory
Much of Pictet AM's U.S. business is institutional, and some of their work here is as a subadvisor for mutual funds. Worldwide, the firm had $202 billion in AUM as of June 30.
"Our ambition was to open in April with a launch party planned for mid-May. Sadly, our plans were delayed due to COVID," Dillon wrote in a statement to MFWire
. Dillon adds that the office officially opened on October 5, with fewer members physically present at the opening than originally planned. "The rest of the team is based in London and due to immigration delays (due to COVID) the 4 other members could not attend the opening in person. We will be a team of 12 once everyone can be in NYC together. We have a Key Accounts team, an Intermediaries team, an Institutional team, an office manager and an RFP writer."
With Dillon in New York now are Mike Acker
, Nick Mavro
, and Jorge Corro
, who serve at Pictet as head of key accounts, head of US institutional, and head of US offshore, respectively.
"We have been committed to the US market for well over 20 years and have had success. Yet, up until now, we served our clients with a 'fly-in, fly-out' model from London and Montreal. The US is the largest savings market in the world, with an incredibly rich talent pool," Dillon stated. "We want to show our US-based clients that we are committed to them and to also benefit from local talent. Also, we will be bringing the institutional and intermediaries segments under one umbrella — we think this will serve our clients even better."
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