22 Oct 2018
Ten years after a booming business with discretion-minded U.S. clients cost Swiss banks billions of dollars and put an end to Swiss banking secrecy, the world’s private banking hub is looking to reestablish ties with American customers.
Facing a highly competitive and largely saturated Swiss market and sluggish growth prospects in Europe, Swiss money managers are now courting wealthy Americans who might be seeking to invest some of their cash abroad. More billionaires hail from the United States than from anywhere else.
Vontobel, for example, is to buy rival Lombard Odier’s international portfolio of U.S.-based clients with 1.2 billion Swiss francs ($1.21 billion) in assets under management as it expands in the region.
That will boost the 2.4 billion francs Vontobel’s own North American-focused Swiss Wealth Advisors now manages.
– By Angelika Gruber, Reuters, 19 October 2018
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