Pictet Group: No place for crypto in private banking

The Pictet Asia CEO did say however, “crypto will be an asset class that we cannot ignore”

Bitcoin offices in Istanbul, Turkey on June 21, 2022                                 
A Pictet Group CEO has declared there is no “place” for crypto in private banking – Photo: Getty Images
                                

Pictet Group, the multinational wealth manager, has come out and said there is no “place” for crypto in private banking at the moment.

Fong Seng Tee, chief excecutive officer at Pictet Wealth Management Asia, said at the Bloomberg Asia Wealth Summit on 4 August: “Crypto will be an asset class that we cannot ignore, but today I don’t think there is a place for private bankers and for private bank portfolios.”

Still, Fong did admit that the Swiss multinational private bank and financial services company employs a team that monitors the crypto market.

‘When do we bring the clients into the picture?’

The Asia CEO added: “If you look at the volatility for the last two years, you can make a lot of money, you can lose a lot of money. The question is, when do we bring the clients into the picture?”

Veteran investor Jim Rogers, who with billionaire businessman George Soros founded the privately-owned Quantum Funds, hedge funds, is also cautious of crypto.

At another panel at the wealth summit, Rogers said: “My wife invested in crypto of all things. I don’t invest in them because the bulls say there’s going to be money. My answer to that is, if and when all our money is on the computer, it’s going to be government money.”

Web 3.0 is still capturing interest

Despite the recent crypto bear market, there is still some considerable interest being shown for Web 3.0 by institutional investors and venture capital funds.

Nanda Ivens, chief marketing officer at Indonesian digital trading platform Tokocrypto, said at the summit: “There is a lot of interest for Web 3.0 projects, especially when there are positive, good deal flows coming through those Web 3.0 venture capital funds.”

Ivens gave this response when questioned about a potential decentralised internet.   

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image