Vontobel has opened a new branch in New York, from where it will serve its American clients. The decision shows that after years of being pounded by the U.S. judiciary for their role in tax evasion, Swiss banks are now showing a growing appetite to return to the world’s largest economy in force.
Vontobel Swiss Wealth Advisors, which specializes in the business with taxed U.S. assets, in New York has opened its second U.S. branch.
The unit is a fully-owned division of Vontobel private bank and started serving U.S. clients from Switzerland in 2010. In 2013, Swiss Wealth Advisors opened the first U.S. branch in Dallas, Texas, and a second branch in Geneva.
Team of Three Relationship Managers
The company for quite some time mulled the opening of a second U.S. branch in either Florida, California or New York.
Vontobel Swiss Wealth Advisors CEO Deepak Doni says that opening up in New York signified a milestone in the development of the unit. The branch has a team of three experienced relationship managers providing Vontobel’s investment solutions to private clients from the U.S. and Canada.
Still the Most Attractive Market
About 40 firms are offering their investment solutions to rich American customers from Switzerland, through specifically licensed units. Apart from the large players, Swiss banks Pictet, Syz and Reyl also have branches in the U.S.
The number will likely grow in future, because the U.S. market remains the most attractive for private bankers and wealth managers. The number of wealthy or very wealthy clients grows by more than 8 percent every year, with some regions outperforming with double-digit growth rates.
