Pictet & Cie. is “more vigilant than ever” over its unit managing money for U.S. clients, Tribune de Geneve reported, citing an interview with Nicolas Pictet, a managing partner at the firm.

Pictet North America Advisors SA, led by 16 employees in Geneva, oversees 3.3 billion Swiss francs ($3.5 billion) and is profitable, the executive told the newspaper.

Pictet said that access to certain foreign markets may be the main problem in future for the Swiss financial center.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net