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Pictet & Cie To Separate Buy And Sell Side Activities

by Ulrika Lomas, Tax-News.com, Brussels

25 November 2002


Leading Swiss private bank, Pictet & Cie last week announced its intention to separate its research and investment banking activities in order to create greater transparency.

In a statement released on Wednesday, the bank, which is set to become the first Swiss entity to undertake such a move, explained that:

'In order to avoid any potential risk of conflicts of interest, Pictet has decided to clearly separate the buy-side research business (intended for internal asset managers) from the sell-side activities (intended for advising third parties) by setting up a distinct brokerage company. This reorganisation is in line with the general trend seen on the markets nowadays, which seeks more transparency within the financial sector.'

According to the bank, the newly formed company is set to become operational in the first half of next year, and will group together the members of the existing Institutional Brokerage Services team, currently comprised of 55 people working in Geneva, Zurich, London and Montreal.

This follows similar moves by Citibank, the world's largest banking group, and is likely to be welcomed by the investment community in light of several perceived conflicts of interest which have arisen between buy and sell side activities recently in other financial institutions.


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