Swiss asset manager Pictet to expand London operations

Tue Apr 1, 2014 1:57pm EDT

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LONDON, April 1 (Reuters) - Swiss asset manager Pictet said on Tuesday it would expand its wealth management operations in London and hire between five and 10 bankers over the coming months.

Pictet, which managed 265 billion pounds ($440.84 billion) worth of assets at the end of December, said London's large contingent of high net worth individuals was a key reason for the expansion.

"The UK, and London in particular, is exceptionally well-suited to the needs of the ultra-wealthy," said Heinrich Adami, group managing director at Pictet, in a statement.

"Key attractions for our clients are the improving economic climate, the robust legal system, an entrepreneurial spirit and a predictable fiscal regime."

The group, which has 3,500 employees, said it had already moved its London wealth management team to the luxury central London area of Mayfair from the city's financial district. ($1 = 0.6011 British Pounds) (Reporting by Joshua Franklin; editing by Simon Jessop)

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