Pictet to Lombard Odier Win Clients Amid Secrecy Crackdown

Pictet & Cie. and Lombard Odier & Cie. are adding client assets faster than their biggest rivals as Geneva’s largest closely held wealth managers adapt to the demise of Swiss banking secrecy.

Assets under management at Pictet exceeded the 2007 pre-crisis peak last year and rose to a record 301 billion Swiss francs ($311 billion) at the end of March, the firm said. Lombard Odier said assets climbed 15 percent to 164 billion francs in 2012 as Geneva’s oldest private bank met its target of attracting 7 billion to 8 billion francs of net inflows.