This publication reports on more moves and appointments in the Asia-Pacific wealth management industry.

Swiss private bank Pictet confirmed that one of its senior figures in Asia has left the firm.

James Hughes, who was based in Hong Kong at the bank, catering to the market for UK expatriates, has left. Before joining Pictet, he worked at HSBC Private Bank.

Among recent news around the Geneva-headquartered bank, Pictet recently stated it has contemplated stocking up on physical gold as a way to insure client portfolios against adverse market moves and heightened volatility, its asset allocation head said recently, while warning that a financial crisis in China is likely at some point in the next few years.

This sobering assessment was outlined to journalists in London by Christophe Donay, equity partner and head of asset allocation at the bank. To diversify assets in markets where many areas are highly correlated, Donay said, the bank has reintroduced holdings of US Treasuries into client portfolios; held illiquid assets such as real estate, and is looking at gold.

In the case of the yellow metal, Pictet cut its holdings in 2012 (gold hit a record of more than $1,920 per ounce in September 2011) and will need a number of “triggers” to increase its stakes, Donay said. These "triggers" include a notable rise in inflation (gold typically outperforms as an asset when inflation is 5 per cent or over), a further financial crisis in a systemically important nation such as China, and negative real interest rates.