Pictet Asset Management, part of Swiss private bank Pictet Group, has set up its first US office in New York City.

Elizabeth Dillon will be in charge of the new office, which is located at 712 5th Avenue.

Dillon previously worked for 19 years at the firm’s Geneva and London operations, latterly as the head of Global Financial Institutions.

She is now relocating to New York to assume the role of CEO of Pictet Asset Management (USA).

Pictet Group managing partner and Pictet Asset Management Co-CEO Laurent Ramsey said: “The US, which represents the largest savings market in the world, is a sophisticated, competitive and open market.

“Pictet Asset Management’s presence in New York will improve its client service capabilities, increase its visibility in the region and offer Pictet the possibility to benefit from being present in the US — one of the largest and best talent pools in the world.”

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By GlobalData

The head of Key Accounts Mike Acker, head of US Institutional Nick Mavro and head of US Offshore Jorge Corro will support Dillon.

Plans are on to enlarge the New York employee headcount to 12.

As of 30 June 2020, Pictet Asset Management managed more than $209bn across equity, fixed income, alternative and multi asset products.

The business was in the news for several reasons lately.

Recent moves

In August this year, Pictet Asset Management launched the UCITS-compliant Pictet TR-Aquila fund for external investors to offer exposure to liquid companies mainly in the US and Europe.

The global market neutral equity vehicle will prioritise key sectors including healthcare, TMT and consumer while avoiding heavily macro dependent companies.

In June, the firm unveiled a Luxembourg-domiciled fund that will invest in family owned businesses, where the founder or family holds a minimum of 30% of the voting rights.

The Pictet-Family fund will target family-run businesses with a tendency to outperform the broader global equity market as well as show distinctive management styles.