Swiss asset manager Vontobel has opened a new location in the Italian city of Milan to offer advisory services to individual clients.

According to the company, the new office is located at Via Santa Maria Segreta 7 and will help to bolster its business in the country.

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The new location will primarily cater to high- and ultra-high-net worth clients, wealthy families, entrepreneurs, foundations and family holding companies.

Vontobel Wealth Management head Georg Schubiger said: “We are delighted that with our large team of wealth management specialists, we can now also offer our investment expertise to Italian clients at a local level.

“The economically powerful Northern Italy region is one of Vontobel’s European growth markets. With the appointment of Lorenzo Palleroni, Vontobel has gained a proven wealth management expert with a deep understanding of the expectations of Italian clients.”

Vontobel Milan head Lorenzo Palleroni said: “The entire Milan Wealth Management team is delighted that after weeks of intense preparations, we are now able to offer Vontobel’s entire expertise as a globally active Swiss investment manager to future Italian clients.

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“This means that our clients can access the investment knowhow of around 300 investment specialists around the world. As a listed company with a strong family shareholder base, Vontobel symbolises financial stability and transparency. We want to achieve long-term growth with our clients, who are at the centre of all that we do.”

The move comes at a time when Vontobel reported a 4% increase in pre-tax profit in the first half of this year despite the impact of Covid-19.