Crypto Has No Place in Private Banking for Now, Pictet Says (1)

Pictet Group, the Swiss wealth manager, is cautioning against crypto investments amid the recent industry turmoil.

“Crypto will be an asset class that we cannot ignore, but today I don’t think there is a place for private bankers and for private bank portfolios,” Tee Fong Seng, chief executive officer at the Geneva-based firm’s Asia wealth management arm, said on a panel at the Bloomberg Asia Wealth Summit in Singapore on Thursday.

The crypto industry has seen a meltdown this year amid crashing valuations, the failure of hedge fund Three Arrows Capital and other companies, and numerous attacks by ...