In this interview, we have the pleasure of talking with Christophe Deltomme, Head of Pictet Wealth Management in Luxembourg . At the head of a dedicated team, Christophe embodies the values of excellence and personalization for which Pictet, a prestigious financial institution with almost 220 years of history, is renowned. In this interview, he looks back at the challenges facing wealth management and shares his vision of how to support high-net-worth clients in the face of market changes.
You've been head of Pictet Wealth Management in Luxembourg since 2007. What do you see as the main changes in customers' wealth management needs and expectations over the past 17 years?
We're seeing a professionalization of wealth management for high net worth individuals and an increase in the degree of sophistication. Demands for quality of execution, speed and accuracy of reporting, pursuit of performance and alpha, as well as access to alternative investment markets, have evolved considerably. More than ever, the DNA and solidity of a firm like Pictet, as well as its ability to offer a 360° service to its wealthy clients, are indispensable assets in responding to this evolution. What's more, we're also seeing increasing appeal from young entrepreneurs, attracted by our adherence to traditional values, coupled with an innovative spirit.
Your team has recently expanded and is targeting new markets. What are the specifics, and how do you adapt your approach in relation to the Benelux?
The Scandinavian market is undeniably interesting for Pictet from Luxembourg. We take a long-term approach, relying on a team of professionals selected for their expertise and alignment with our DNA. At the same time, we have strengthened our team in Benelux, which remains our traditional market from Luxembourg. The solidity of our financial center and the ecosystem around Wealth Management that has been created there, coupled with the Pictet Group's unique identity, offer an attractive diversification for high-net-worth individuals and families in this area.
You've doubled assets under management since 2019. To what do you attribute this success, and how are you maintaining this momentum in an uncertain global economic environment?
Wealth management is a complex business. There are rational, financial and economic aspects that are decisive, but there is also a human and relational aspect that is crucial. We build our business around people, taking the time to recruit quality employees who share our vision and values. Patience and long-term vision are assets that an unlisted company can fully exploit in this case. Moreover, Pictet has proved time and again in its history that its "fortress" approach is particularly valuable in times of economic uncertainty.
Innovation seems to be at the heart of your approach. What are the main areas of innovation you are focusing on today, particularly to meet the needs of younger generations of investors?
Pictet is innovating both in the services we offer our clients and in the investments we make. Indeed, Pictet has been a pioneer in thematic investment since the early 2000s, as well as in alternative investment and private equity since the late 1980s. Recently, we launched an AI-based alpha-seeking index strategy. But innovation is also about being different. And we've been distinguishing ourselves for almost 220 years through a combination of traditional values and an innovative approach to investing, which particularly speaks to younger generations.
How do Pictet Wealth Management teams anticipate the issues of succession and intergenerational wealth transfer, which are increasingly present in the concerns of wealthy clients?
Inheritance and intergenerational wealth transfer issues are major concerns for our customers. Our role is not limited to the financial and economic aspects; anticipation is essential, and we ensure that our customers are well prepared for these important transitions. Our offering includes experts dedicated to key areas such as family organization, governance, NextGen, philanthropy and wealth structuring. Being present in 30 countries, we have a global perspective and can share experiences and approaches from different parts of the world. This enables us to connect young people and families around the world to exchange experiences and know-how.