Financial services group GSB has requested for a license from the Swiss Financial Market Supervisory Authority (FINMA) to establish a wealth management operation in Geneva, Switzerland.
Once licensed, GSB Switzerland SA will provide services such as independent private banking, wealth planning, and private finance to high-net-worth individuals, families, corporations, and structures.
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The Swiss business intends to focus on high-net-worth individuals (HNWIs) and ultra-high net worth persons (UHNWIs) that seek exposure to Switzerland and have financial demands across multiple jurisdictions.
By establishing an External Asset Management (EAM) presence in Switzerland, GSB is able to extend its portfolio to include its current HNW and UHNW clients with foreign assets and offer boutique private banking services onshore.
Meanwhile, GSB has appointed Russell Hunter, former head of Middle East, Spain, and UK at Schroders Private Bank, to oversee the EAM in Switzerland, pending FINMA permission.
Hunter formerly worked as a Coutts private banker in Geneva and a relationship manager at Barclays Wealth and Investment Management in London.
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By GlobalDataBéatrice Kofmehl Hofer has also been named by GSB to work as the private client manager at GSB Switzerland.
She has over 20 years of expertise in the banking industry. Béatrice, who specialises in meeting the demands of affluent private clients, has held important positions at Lloyds Bank and UBS in addition to her previous position as Senior Private Banker Officer at Schroders.
Alison Whatnall, chief operating officer, and Founding Partner at GSB, stated: “Geneva is a renowned global financial centre, especially for private banking, wealth management, and asset management – part of GSB’s core expertise. Establishing an External Asset Management (EAM) presence, pending regulatory approval, will allow GSB to provide an expanded suite of wealth services to our clients, many of whom are global citizens with assets and interests spanning multiple jurisdictions, including Switzerland.
“Switzerland is also home to a significant number of HNWIs and UHNWIs seeking tailored investment solutions and asset management services. Once authorised, GSB will be able to deliver onshore services to domestic Swiss clients seeking a trustworthy, independent wealth partner.”
“Once approved, this will be another giant step forward for GSB in the company’s expansion plans, complementing our current offering in the UK and UAE. We are delighted that Russell Hunter and Béatrice Kofmehl Hofer have joined the company to lead the new entity. Their private banking and wealth management experience will be vital in growing the GSB brand.”
