“I have the privilege of regularly meeting successful individuals—some who have inherited wealth and others who built it from nothing—who share their stories and grant me rare insight into their lives,” said Christophe Deltomme, head of Wealth Management Luxembourg at Banque Pictet, in an interview on 10 April 2026. Since joining in 2007 and assuming his current leadership role in 2015, he has witnessed the transformation of Luxembourg into a highly credible, integrated financial ecosystem.
No M&A, no listing: Pictet’s edge
Pictet distinguishes itself through a model of organic growth and independence that has persisted since 1805. Unlike many competitors, the bank is not listed on the stock exchange and has never engaged in a merger or acquisition, thereby preserving its corporate identity, according to Deltomme.
Managed daily by seven partners, the institution oversees approximately CHF 757bn (roughly €822bn) in assets while maintaining a relatively compact organisational structure with 6,000 employees globally. Deltomme argued that this lack of stock market pressure allows for a long-term strategic vision that is increasingly rare in the industry.
In the current geopolitical environment, Deltomme noted that portfolios have been positioned more defensively, with reduced equity exposure, higher cash levels and some gold for protection. There is also show a slight tilt towards Europe, reflecting a more cautious approach aimed at preserving capital.
Luxembourg as a strategic hub
Within this context, Deltomme championed Luxembourg as one of the premier financial centres in the European Union for international families. He highlighted a sophisticated ecosystem comprising specialised lawyers, the Big Four, art experts, and a university that offers a dedicated Master’s in Wealth Management.
For high-net-worth individuals, Luxembourg serves as a key jurisdiction for risk diversification, offering protection against political instability and providing a robust “toolbox” of structures, such as dedicated funds and life insurance.
Megatrends anchor Pictet’s long-term view
Pictet remains a pioneer in thematic investing, focusing on “megatrends” like water scarcity, healthcare, and technology. While technology has evolved from 1980s personal computing to today’s AI and quantum computing, Deltomme believes the underlying themes remain valid for decades. The bank is also integrating an AI-driven index strategies to optimise stock selection and enhance performance.
Among the first to invest in CVC and Blackstone funds giving us access today to partnerships and co-investments.
In the US, the top 10 stocks now account for around 25% of index performance, raising concentration risks. While passive strategies have outperformed recently, Deltomme argued that a long-term approach should combine active management and diversification with tactical passive exposure to balance risk and returns.
Vintage averaging smooths PE cycles
Having made a strategic decision 35 years ago to enter the space, Deltomme views private equity as an essential driver of performance, potentially adding 1.5% to 2% to a portfolio’s yield with a 10% to 15% allocation. Pictet’s flagship private equity strategy, Monte Rosa, operates as a fund-of-funds strategy, diversified by geography and investment type, that emphasises “vintage averaging” to smooth out market cycles. “We were among the first to invest in CVC and Blackstone funds giving us access today to partnerships and co-investments.”
Pictet’s strategy is structured around a three-year commitment cycle while the underlying funds acquire companies during a six- to seven-year investment period and a full exit within 10 to 12 years. It ensures diversification by allocating capital to 12 to 15 underlying fund managers, each investing in 10 to 15 companies, thereby reducing specific risks. In addition to its flagship primary funds, Pictet also offers specialised Monte Rosa vehicles for co-investments and secondaries as market opportunities arise.
As for its funds investing in listed equities, Deltomme argued that their recent launch of “unique” thematic private equity funds gives Pictet an edge over its competitors. He also stressed that Pictet recently launched European PE and real estate funds in which it directly selects the underlying assets.
In the global alternatives market, currently valued at $16trn, Deltomme sees significant growth potential for private assets, which currently represent only 2.5% of global financial markets.
The role of the “conductor”
Deltomme defines the modern private banker not as a technical expert in every niche, but as a “conductor” (chef d’orchestre). Given the increasing complexity of taxation, family governance, next gen, and philanthropy, the banker’s role is to listen—a skill he emphasised as crucial—and direct clients to the appropriate internal specialists. “No one can master all of this area of expertise but I offer a touch of diplomacy while being a good psychologist.” However, he stressed that their role stops before reaching the capricious needs of pop or sports stars.
This approach is particularly vital as the industry prepares for a massive generational wealth transfer estimated at as much €120trn by 2048.
Engaging the next generation
To retain heirs—80% of whom change banks within two years of inheriting—Pictet involves the next generation early in the relationship. Deltomme added that young entrepreneurs are often drawn to Pictet’s “purity,” such as the absence of investment banking or commercial credit, which serves as a stable anchor against their own entrepreneurial risks.
Operational excellence in Luxembourg
The bank’s commitment to Luxembourg is evidenced by its 800-strong local workforce, which includes a European technological development cell. By automating complex regulatory requirements like Mifid, for instance, Deltomme argued that Pictet transforms potential administrative burdens into a competitive advantage, allowing bankers to focus on client relationships while maintaining strict compliance.
