Luxembourg-based Quintet Private Bank has launched operations in Switzerland after completing the purchase of Zurich-based Bank am Bellevue.

Under the agreement, Quintet absorbed Bank am Bellevue employees and its client relationships with CHF1.6bn in underlying assets.

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“Quintet and Bellevue Group will now examine collaboration opportunities in the asset management business, specifically in the global healthcare sector where Bellevue Group is an international leader,” Bellevue Group said in a statement.

Through the business in Switzerland, Quintet will look to expand Bank am Bellevue’s domestic and international client base.

Its aim is to integrate a tailored approach with “independent, unbiased advice”.

The new Swiss business will be staffed by around 40 people, headed by CEO Emmanuel Fievet. Of these people, half earlier worked at Bank am Bellevue.

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Plans are on to double the existing staff strength in the next 12 months.

Fievet noted: “I am very excited about building a new and different kind of private bank, which is small enough to be truly personal and big enough to offer access to the world,” he said.

“In partnership with my colleagues here in Zurich and across Europe, we will focus on what matters most to our stakeholders, cutting through complexity, embracing diverse perspectives and growing our business – one client at a time.”