Pictet Group
Robert Suss
With 18 years at Goldman Sachs and several years as an entrepreneur building businesses in the finance, tech and renewable energy industries, this lifelong art aficionado's career has taken many twists and turns. What would bring a successful entrepreneur back to banking?
Rob had long admired Pictet as one of "the most preeminent brands" in wealth management, but it was intrigue that convinced him to accept a meeting with Heinrich Adami1 in 2021. "Several competitors had approached me over the last seven years, but they were never really appealing. Pictet was different, there was an air of mystery," says Rob.
Several competitors had approached me over the last seven years, but they were never really appealing. Pictet was different, there was an air of mystery.
His instinct was right. Within the first eight weeks of joining, Rob received more incoming calls from individuals, investment consultants, accountants, lawyers or competitors wanting an introduction than he had in his last eight years at Goldman Sachs.
At the start of his career as a young banker, when cold calling and aggressive marketing campaigns were predominant, Pictet already held a certain mystique for Rob. A mystique whole of opportunity: the size of the local wealth market — right behind the US and Switzerland —, the independence of our Group, and the economic landscape. "The UK is an incredibly entrepreneurial country creating huge amounts of wealth, with lots of liquidity events. 35% of the money we've brought in this year is because of liquidity".
The UK is an incredibly entrepreneurial country creating huge amounts of wealth, with lots of liquidity events. 35% of the money we've brought in this year is because of liquidity.
As previously seen in PWM’s Italian and German offices, the UK wealth management team follows a proven approach to approaching entrepreneurs. Often, they have come into fortune quickly and need help structuring their wealth in a way that allows flexibility to reinvest in their businesses while also investing for the long term. Another success has been an increased focus on wealth held outside of London, in the regions where many of the UK's most exciting businesses are based. “Pictet's partnership with ‘The Growth 100’, celebrating the founders of the fastest growing privately owned companies in the UK, places us in a unique position and access to expand our brand and presence amongst entrepreneurs.”
Rob's entrepreneurial experience is, without a doubt, his most significant asset in reaching out to the UK's community of entrepreneurs and founders. "I've dealt with entrepreneurs for 30 years and set up businesses from scratch. I probably have more sympathy for them and a slightly different lens on their needs than I may have had if I was 'just' their banker."
After leaving Goldman in 2015, Rob set up a private credit fund in the agricultural sector. He initially raised £150 million from some of the world's most recognised investors, family offices and the UK's leading private credit fund. The company is still running today and has gone on to raise further capital for its expansion.
Entrepreneur, banker and 'art addict' is how he describes himself on his Instagram account, which boasts almost 36k followers. Rob has spent the last 30 years collecting art. He recently stepped down as Deputy Chair of the Royal Academy of Arts Trust and Chair of the Royal Academy Schools Annual Dinner and Auction. "Art is my escape and my passion. When I moved to London, I would wander around Mayfair, walking into galleries and often ended up buying art. And unlike other people, the focus of my collecting has been around supporting emerging artists." In 2001, he founded the Franks-Suss Collection to discover and support a new generation of artists from emerging economies.
Art is my escape and my passion. When I moved to London, I would wander around Mayfair, walking into galleries and often ended up buying art. And unlike other people, the focus of my collecting has been around supporting emerging artists.
At Pictet, Rob brings some of this spirit with him. "The one thing I have learnt is that I don't have a monopoly on good ideas. The junior people with the freshest pair of eyes sometimes offer the greatest inspiration."
I started to comprehend that Rob's career path is built on the quality of his relationships and his sheer love of shaping them: being a trusted advisor for entrepreneurs, clients or business partners and trusting a team to bring his vision to life. "The term' trusted advisor' is a catchphrase and a soundbite that every wealth manager in the world uses. But I genuinely believe that we are the trusted advisor at Pictet. We don't have an investment bank. We don't trade on a proprietary basis. The only thing we do is act on behalf of families. There is no pressure to sell products. Our clients are long-term partners."
The financial industry and the profile of clients have changed tremendously over the past 30 years. The structure of capital markets has also evolved, seeing growing numbers of private equity firms impact the face of wealth. These developments come with complexity and an ever-greater need for wealthy individuals to trust their advisors. "I've never truly understood the model of an independent asset manager because how could they possibly have an informational advantage on an organisation like Pictet? With the quality of our bankers, the quality of thought leadership within the firm, from wealth planning to family governance to philanthropy, and the differentiated world-class investment offering, we can have far more complex and multifaceted discussions with our clients and prospects."
The best advice I can give young people is to work hard, be smart, and have humility. Every experience, if you approach it in the right way, is a good experience. And as I say to my children, be good company. As you go through life, if you are good company and interested and interesting, that helps.
Rob understands the significance of sincere conversations with clients and believes his presence is crucial during challenging times and moments of joy. He recollected a poignant memory from his time at Goldman in London when he witnessed the tragic events of 9/11 unfold while sitting at his desk. He immediately reached out to clients, handholding them as the markets reacted. “You're there for those types of moments, and you're there to congratulate them on the birth of their children.” All in all, it's the evolution of life, and it's the evolution of relationships that is at the centre of trust.
What better way to wrap up this interview than asking for his advice to an ambitious 25-year-old? "The best advice I can give young people is to work hard, be smart, and have humility. Every experience, if you approach it in the right way, is a good experience. And as I say to my children, be good company. As you go through life, if you are good company and interested and interesting, that helps."
A last gem to finish with is Rob quoting Goldman Sachs veteran Roy Zuckerberg, whom he met in 1997: “People deal with people for three reasons. They like you, trust you, and ultimately think you'll make them money. But if they don't like or trust you, they won't invest with you.”
[1] Heinrich Adami was Head of PWM UK between 1997 and 2021
Art en aparté
- Your current art addiction
"There are some incredibly exciting artists in the UK and Africa which I have my eye on." - An artist who inspires you
"That would require a five-hour discussion and culminate in a list of probably 200 artists. I love everything from the post-expressionists to a myriad of different things. But for me, personally knowing and helping the artists is important." - Your take on digital art
"I own many different mediums, including video art, which is, I suppose, the closest I will ever get to digital. To me, having a digital certificate of an intangible piece of art doesn't make much sense. Maybe because I'm in my fifties, and I've grown up wanting to own things I can touch instead of having them in the cloud."