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”
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.