The Switzerland-headquartered bank's custody arm is trimming its booking centres.

Pictet Asset Services, the custody bank of Geneva-headquartered private bank Pictet, will close its booking centres for independent asset managers in the Bahamas, Hong Kong and Singapore at the end of this year, the firm confirmed to this publication yesterday.  

The organisation wants to put more resources into Pictet Asset Services’ professional and institutional clientele, with specific emphasis on Switzerland, continental Europe, the UK as well as in Asia.

Operational and custodian bank activities conducted from Nassau in the Bahamas for the group’s banks in Switzerland and Luxembourg will shift to the teams in Geneva and Luxembourg.

As reported by this publication earlier this week, Pictet got the green light for a wholesale bank license from the Monetary Authority of Singapore, allowing the group to offer Singapore dollar services.