Introduction
The Pictet Group, headquartered in Geneva, Switzerland, is one of the world’s leading independent wealth and asset managers. Founded in 1805, the Group has survived revolutions, wars, and global financial crises.
Its success lies in a unique governance model — combining family legacy with professional partnership — that has allowed it to remain independent for over two centuries.
Origins: The Founding Partnership (1805)
Mr. Jacob-Michel-François de Candolle & Mr. Jacques-Henry Mallet (Founders, 1805) The story begins on 23 July 1805, when two young Genevan bankers, both under 30, founded Banque de Candolle Mallet & Cie. Their original purpose was to trade in goods and commodities, but very soon the firm focused exclusively on finance, advising clients on wealth management and international investments.
The scripte de société signed in 1805 by Jacob-Michel-François de Candolle and Jacques-Henry Mallet to form the original partnership
The Pictet name entered in 1841, when Mr. Edouard Pictet (1813–1878), nephew of Mr. De Candolle’s wife, joined as Partner, giving rise to the enduring name Pictet & Cie.
Jacob-Michel-François de Candolle, one of the founders of the bank
The Salon in 1970 with, from left to right, Guy Demole, Denis de Marignac, Claude de Saussure, Michel Pictet, Jean-Pierre Demole, Edouard Pictet, Jean-Jacques Gautier, Pierre Pictet.
Nine Generations of Leadership
1st Generation – Statesmanship before Banking Mr. Charles Pictet de Rochemont (1755–1824) - Diplomat, not a banker but a central political figure. - Negotiated Geneva’s entry into the Swiss Confederation in 1815. - Drafted the declaration of Swiss neutrality, still a cornerstone of Swiss identity.
2nd Generation – Banking Foundations Mr. Edouard Pictet (1813–1878) - First Pictet banker, became Partner in 1841. - Added the family name to the firm, marking the beginning of the Pictet & Cie era. - Established the principles of prudence, Calvinist-inspired rigour, and discretion.
3rd & 4th Generations – Expansion & Continuity Mr. Ernest Pictet - Partner, late 19th century. - Oversaw expansion and professionalization of the firm. Succeeded by his son: Mr. Guillaume Pictet (d. 1909) - Strengthened international ties, especially with Britain and the Americas. - Died suddenly in 1909, succeeded by his son. Mr. Aymon Pictet - Took over after Guillaume, later active in politics. - The Bank formally adopted the name Pictet & Cie in 1926.
5th Generation – Navigating Crises Mr. Albert Pictet (Partner from 1928) - Led during the Great Depression and WWII alongside Mr. Pierre Lombard and Mr. Alexandre van Berchem. - Marked the transition to post-war prosperity and globalization.
6th Generation – Post-War Diplomacy & Law Mr. Jean Pictet (1914–2002) - International lawyer, ICRC member. - Principal drafter of the 1949 Geneva Conventions. - Extended the Pictet legacy beyond finance into humanitarian law.
7th Generation – Global Expansion Mr. Ivan Pictet (b. 1942, Senior Partner 2005–2010) - Oversaw international expansion into new markets. - Founded the Prix Pictet in 2008, a global photography prize for sustainability. - Advocated independence from mergers and public markets.
8th Generation – Stewardship and Modernization Mr. Nicolas Pictet (Senior Partner 2016–2019) - Emphasized unity among Partners and preservation of the firm’s values.
9th Generation – The Present Leaders Mr. Marc Pictet (Partner since 2011) - Head of Wealth Management, represents one branch of the family. Mr. François Pictet (Partner, son of Charles Pictet) - Represents another family branch, ensuring continuity.
Governance and Succession The Pictet Model blends family continuity with professional co-ownership. - Pictet is run by a collegial partnership of seven owner-managers. - Since 1805, only 47 Partners have served, each with an average tenure of 21+ years. - Tenures overlap, ensuring seamless transmission of values and expertise. - Succession rules:
Daily Partner meetings serve as the decision-making hub, reinforcing accountability and cultural cohesion. Partners share unlimited liability for the firm’s balance sheet, which fosters extreme prudence.
Growth and International Expansion - Pre-1914: Funded Swiss Confederation loans in the U.S. (USD 70m). - Post-WWII: Expanded globally, building institutional asset management from 1967. - 1970s–2000s: Opened offices in Montreal, Boston, London, Hong Kong, Singapore, Dubai, and others. - Today: Over 30 offices worldwide (New York, Shanghai, Monaco, etc.), 5,300 employees.
Political and Diplomatic Activities
The Pictet family is part of Geneva’s patrician class, a group of elite families that held significant political and moral authority in the city from the 16th century onward. Members of the Pictet family regularly served on Geneva’s Little Council (the executive body of the Republic) with family members holding municipal, cantonal, and federal offices. The family's historical political associations benefited their business by giving them early access to elite networks and a reputation for integrity and civic responsibility , essential in private banking and wealth management.
The family’s diplomatic and political background helped shape a globally adaptable business culture as the group expanded into Asia, the U.S., and other regions with a strong emphasis on cultural fit and local partnerships, rather than aggressive acquisitions. In recent decades, the Pictet family has shifted its focus from direct political engagement to finance, wealth management, and philanthropy. The Pictet Group remains one of Switzerland’s largest private banks despite the family no longer playing a direct political role.
Conclusion
From its founding in 1805 to its present global stature, the Pictet family has combined tradition and innovation across nine generations.
The Pictet model of governance, rooted in partnership, prudence, and stewardship, has enabled the firm to survive revolutions, wars, and financial crises while remaining fiercely independent.
Source: Pictet Italy | Leading independent investment firm, Case_study_Pictet_EN.pdf
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