Paolo Ramondetti’s journey
“The cultural diversity is high, with each region having its distinct historical influences. Piedmont for instance has long-standing ties to France. On the other hand, if you look at the region of Veneto, it was under the Austro-Hungarian Empire. So today, when a company from Austria, Hungary, or Germany wants to come to Italy, they go to Verona. Rome is the city of political power, and you have some successful companies there as well. And finally Milan: you cannot not be in Milan. It’s not where you will necessarily find your clients but the network to get them. And this network doesn’t mingle with the other regions.” Today, Pictet’s local coverage shows it understands these subtle specificities. But how did it all start?
It was Giovanni Viani, one of the main architects of Pictet’s wealth management activities in Italy, who hired Paolo. “I first interned for Pictet in 1998, while writing my master's thesis,” Paolo recalls. “Giovanni Viani, whom I’ve met through my network, was already a renowned authority at Pictet. He wanted me to write a book that he could use as a marketing tool in Italy”. At that time, Pictet identified an opportunity to enter the nascent Italian private pension funds market. Paolo spent two intense months in Geneva, meticulously reviewing hundreds of pages of RFPs for inspiration. His work must have been convincing, as Giovanni called him two months later while Paolo was working in London. “Pictet had decided to enter the Italian market and was seeking young talents to nurture and train.”
The typical Italian client craves stability, especially in a volatile political landscape. It’s not enough to simply state ‘Pictet is very stable’; it’s our specific business model and governance that convince them.
It took Paolo and his colleagues a couple of years to gain a deep understanding of Italian clients. “In the early 2000s, Pictet was relatively unknown, except in the high-end market. We worked 10-12 hours a day, networking and building the bank’s reputation,” recalls Paolo, reminiscent of his early entrepreneurial days. It was thanks to Pictet’s strong ties to lawyers, tax experts and notaries in Torino, who opened their doors to their clients, that new relationships could grow. “In 2005, we hired an entire team from another bank, including Luca Toniutti, Head of PWM Italy from 2005 until 2020, and Alessandra Losito, current Head, both driven by an entrepreneurial mindset.” The nascent business also benefitted from PAM’s activities in Italy, with many prospects already invested in Pictet funds via other banks.
The growth in the amounts at opening accounts reflects the evolving, more sophisticated client profiles, often supported by third-party experts like family offices. “Beyond interpersonal skills, we now must show a deep understanding of global financial markets and products”. With many local players, why would clients choose a ‘foreigner’ over an Italian wealth manager? “The typical Italian client craves stability, especially in a volatile political landscape. It’s not enough to simply state ‘Pictet is very stable’; it’s our specific business model and governance that convince them.”
Paolo pulls a brochure from his backpack. “The first document I share with prospects, and the one that is the most appreciated, is ’The Pictet Model’”. Authored by the Witten Institute for Family Business in Germany, this publication, now in its fifth edition, provides a scientific description of the Pictet Group’s governance. Its independent authorship lends it significant authority and credibility, especially appealing to entrepreneurial families concerned with governance and wealth transmission. “The Pictet Model speaks directly to entrepreneurs, particularly those leading their families, making it an excellent conversation starter.”
Paolo believes that our future clients will be those who recognise that Pictet’s unique model is rooted in a sense of ethics they can trust. He drives all over Italy to visit his clients, “but in a clever way”, only once he’s established a relationship of trust. “Italy is the biggest market for Pictet outside Switzerland. It’s a market valued by our managing partners. We are lucky enough that they visit Italy several times a year.” The local wealth management team makes the most of these visits to introduce the managing partners to important clients such as Italian families and entrepreneurs. “These meetings are crucial because they allow clients to experience Pictet's governance model firsthand. Clients and prospects feel that they are dealing with peers who share their concerns".
Italy is the biggest market for Pictet outside Switzerland. It’s a market valued by our managing partners. We are lucky enough that they visit Italy several times a year.
One senses the profound respect that Paolo has for his clients. “I admire first-generation entrepreneurs. They always seem to be 500 km ahead of you. It can be hard to keep up because they expect everyone to be as extraordinary as they are. They will always have something to teach you”.
Paolo’s clients are grateful for his sound opinion. They call him for advice about their children’s university paths or for an introduction to Pictet’s network when selling their company, to ensure it lands in good hands. Such availability to receive calls at all times of the day can sometimes feel challenging. That’s when family time becomes essential: “Making sure I spend time with my 12- and 15-year-old sons and my wife helps me to snap out of work mode. My wife is a doctor, and my sons are skiing-mad teenagers, together they always offer a fresh perspective”.
An avid non-fiction reader, Paolo currently has 'Nexus' by Yuval Harari and 'Co-Intelligence: Living and Working with AI' by Ethan Mollick on his bedside table. Balancing trust and innovation, much like the themes in his beside books, Paolo Ramondetti continues to drive Pictet's success in the ever-evolving Italian market.