(Bloomberg) -- Banque Pictet & Cie SA promoted a woman to its top management body for the first time in its 216-year history.

Elif Aktug, a fund manager at the bank’s asset management arm and part of a broader leadership group, was named partner alongside Francois Pictet, bringing the number of current partners to 9, according to a company statement on Monday. So far, the secretive Swiss private bank has only had 43 individuals -- all men, all white -- serve at the highest level.

Based in Geneva, the managing partners oversee more than 600 billion francs ($713 billion) in assets under management and the bank boasts a level of profitability far beyond larger, publicly listed peers.

“We’re delighted to welcome Elif and Francois to the Board of Partners, a step we’ve been planning since the end of 2020 to help manage the increased demands resulting from the strong growth of the firm,” Renaud de Planta, Pictet’s senior partner, said in the statement.

Read more: Inside Pictet, the Secretive Swiss Bank Torn Between Old and New

Pictet is one of the last major private banks in Switzerland to take steps to make its leadership more inclusive.

As it expands internationally, Pictet’s wealth arm is confronting a culture clash among employees as it seeks to boost growth while also preserving a unique culture that has developed over two centuries. Pictet has hired aggressively in both wealth and asset management arms, but has gone through a tumultuous restructuring in the wealth division where it recently introduced rigorous targets to measure the performance of bankers.

Just this year, the bank lost about a dozen wealth management employees in its Asia business, a coveted growth market, following departures over the last three years in its other markets.

Aktug and Pictet are set to join the partnership on Sept. 1, though the promotions are still subject to regulatory approval.

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Aktug joined Pictet in 2011 as the lead fund manager for the asset management arm’s 2.5 billion-euro private equity strategy.

She previously was a managing director at Goldman Sachs Group Inc in London working in mergers and acquisitions and proprietary trading.

Pictet, who is not an equity partner but is related to the bank’s founding family, jumps two levels. He joined the bank in 2015 as part of the investment office that provides advice to the bank’s ultra wealthy clients. Those clients currently account for 23 billion Swiss francs of assets under management. He previously worked at AEA Investors in London and advised on mergers and acquisitions at Credit Suisse Group AG in Zurich.

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