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Report: Pictet & Cie Group plans to enable clients to park assets in UK

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Report: Pictet & Cie Group plans to enable clients to park assets in UK

Pictet &Cie Group SCA plans to permit U.K.-resident clients to registerassets via a London booking center as of the second half, the Financial Times reported May 1, citing Dinade Angelo, Pictet's director of U.K. private banking.

The move is in response to requests from customers andemployees and is "part of a wider trend of offshore money movingonshore," the director said, while noting: "There is an increasing stigmaaround holding assets offshore — even when that is perfectly legal and valid."

Pictet & Cie's plan is subject to U.K. regulatoryapproval, the report added.