Pictet's alternatives business has ruled out acquisitions to boost growth, despite some of the world's largest asset managers snapping up firms to ramp up their exposure to the booming private markets sector.

“Pictet has been around for more than 200 years, but has never made an acquisition. It is all organic growth. That applies to the alternatives business,” Zsolt Kohalmi, global head of real estate and co-chief executive of Pictet Alternative Advisors, told Financial News.