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Crypto Has No Place in Private Banking for Now, Pictet Says

  • Firm’s Asia wealth CEO stresses asset’s volatility at summit
  • Crypto firms see venture, institutional investment picking up
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Pictet Group, the Swiss wealth manager, is cautioning against crypto investments amid the recent industry turmoil.

“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,” Tee Fong Seng, chief executive officer at the Geneva-based firm’s Asia wealth management arm, said on a panel at the Bloomberg Asia Wealth Summit in Singapore on Thursday.