Swiss-based Pictet Group has announced Pictet Asset Management head Raymond Sagayam will become managing partner of the firm from 1 January 2024, pending regulatory approval.
Sagayam joined the €620 billion Geneva-headquartered group as head of total return fixed income at Pictet Asset Management in 2010, later becoming chief investment officer for fixed income and a member of its executive committee in 2017.
He later became an equity partner of the group in 2018 before becoming head of Pictet Asset Management in 2022.
Sagayam joined Pictet from London-based Swiss Re Asset Management and has more than 25 years of industry experience focusing on fixed income investing across all major geographies.
Renaud de Planta, senior managing partner at Pictet, said: “Raymond is a citizen of the world, but above all, he is a Pictet person with great expertise and team spirit.
“As we build our partnership for the next generation, he adds further investment leadership, international perspective and positive energy.”
Earlier this year, the group announced managing partner Bertrand Demole would be stepping down on 30 June after 22 years with the firm while retaining a non-executive vice chairman of Pictet Alternative Advisors, the business he spent 20 years developing.
De Planta said: “We thank Bertrand for his contribution to Pictet and the partnership over many years. He has been deeply committed to bringing success to the business units under his supervision, from trading to asset services, always leading from the front.
“We will miss his entrepreneurial spirit but respect his decision and are glad that he has agreed to stay on in a non-executive role.”
Demole added: “I started my first internship at Pictet when I was thirteen years old and have devoted my career to the firm out of a passion for its unique heritage.
“The group is doing tremendously well. I am thankful for what we have accomplished together and everything my colleagues have given me. Now is the time for me to pass on what we have created, but I will remain a permanent ambassador of Pictet.”
It came as the operating income for 2022 was down slightly by 2% to CHF3.2 billion, with de Planta noting the difficult backdrop for financial markets.
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