Le Temps in Geneva has reported that Claude Demole, a partner in Pictet & Cie since 1982, will stand down at the end of June 2008 to concentrate on humanitarian work in Asia and within Switzerland.

Whilst he will cease to be active in the management of the Swiss based private bank, he will maintain a client facing role.

There has been no announcement concerning any replacement for Mr Demole as partner. Mr Demole has worked for the 200 year old bank for 36 years during which it has grown from a bank of 250 staff mostly based in Switzerland to become a global player with some 2,500 employees world wide.

During this period he was responsible in particular for the development of the group’s alternative investment activities and its equity broking arm. The broking arm is now known as Helvea and will become an independent entity at the end of June with Pictet owning only 2.5 per cent of the capital.