Crypto has no place in private banking today: Pictet


Tee Fong Seng, CEO of Pictet Group’s Asia division, said at the summit that while the crypto-asset class continues to mature, now may not be the time for private bankers to invest in the space.

For some players, crypto is an industry here to stay, even though some of its growing pains remain decidedly frightening. has not resolved , and intense volatility does not help either.

Such concerns have prompted Swiss wealth manager Pictet Group to warn that now may not be the time to dive into crypto – at least not for now.

The crypto-asset class cannot be ignored – but

Remarks column make on the sidelines panel bloomberg At a summit in Asia, an executive at Swiss firm Pictet emphasized why asset managers are not keen on getting into cryptocurrencies.

According to Tee Fong Seng, CEO of Pictet’s Asian subsidiary, the growth of cryptocurrencies as an asset class cannot be reversed and cannot be “ignored.” However, the company believes that cryptocurrencies as they are (due to some of the concerns mentioned above) have no “place” in the banking sector.

Cryptocurrencies will become an asset class that cannot be ignored, but I don’t think there is a place for private bankers and private bank portfolios today.she said.

However, despite this outlook, the company, like many others, appears to be keeping a keen eye on the cryptocurrency market. For clients, this means considering when to start offering services such as trading.

He said that the performance of the cryptocurrency market over the past two years shows that it is possible to “make big money.” But at the same time, he observed that it is also very easy to “lose a lot of money” because the volatility is so high.

The question is when to put the client in the pictureHe posed, pointing out that the Geneva-based asset management firm has a team looking for opportunities.

Concerns Aside, Mainstream Companies Are Venturing Into Cryptocurrencies

A few years ago, the best thing to come from financial institutions and other major mainstream companies was the blatant dismissal of crypto.

Many continue to sit on the fence, but more have moved – amid crypto’s last bull market. Today, Fidelity Investments, BlackRock, Charles Schwab, Julius Baer Group and others The global giant ventures into digital asset products, including crypto-focused exchange-traded funds, custody services and even trading to clients.

The Coinbase-BlackRock partnership announced today, aimed at institutional investors, is a prime example of the growing interest in cryptocurrencies.



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