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I have found them to be very demanding, but also very friendly and almost familial when the client relationship develops well. 

What about the stereotype that one has to be hard-drinking to work with Russians?

This aspect of the client relationship has changed dramatically in recent years. Most of my clients have adopted more of western lifestyle. 

«Our private bankers don't pay the owners' golf fees»

In the past, there were rich wine-and-dine events, especially when visiting regions outside Moscow. 

Clarus Capital's business model is akin to a platform where wealth managers work on their own account. What is the logic behind this? 

It seems to me at times that newly-hired private bankers in the wealth management industry feel they will finance the golf games of the owners of their firms. We want to offer private bankers a model which is transparent about what they work for and what they receive. We distinguish ourselves from established institutions, which pursue a discretionary model.

You're targeting a specific type of private banker with this. 

Yes, the entreprenurial principle that we follow doesn't work for everyone. We're ruled by a performance principle which affords private bankers a lot of freedom. I don't feel like discussing whether private bankers can fly business class or economy. Each one is its own cost center: he or she pays his own trips, as well as a personal assistant if he chooses to have one. 

So you just provide the infrastructure? 

Yes, Clarus Capital provides the infrastructure and the asset management as well as risk and compliance. 

«Time is a luxury in private banking today»

Those operations are run out of a common poil. We use a formula that is fair and transparent to divide us costs and revenue. 

What is the formula? 

Private bankers pay a set monthly fee and deliver a share of revenue that is less than 20 percent. He or she retains the remainder. This payout ratio is one of the most attractive on the market. 

What does Clarus Capital get out of it?

Transparency, clarify, and the big advantage that there is no envy among private bankers. This promotes a culture of cohesion.

What about the private banker?

He wins time – and that is a luxury in today's private banking. They can completely concentrate on giving advice, and spend very little of their time with administration or bureaucracy. 

Clarus Capital has roughly one dozen partners, which is the majority of its employees. Is the partnership model part of your business strategy? 

It certainly helps with clients if your business card reads «partner». Our principle is comparable with that of law firms, which differentiate between equity and profit-sharing partners. Clarus Capital has three equity partners, the others are profit-sharing partners. 

Is Clarus Capital's model thus a sign of the times? 

I am convinced that Switzerland's independent wealth managers will be a major driver of growth in the financial center, which still enjoys an excellent reputation. I know of several examples from extremely wealthy clients who left for Asia during the financial crisis. All have come back – to Switzerland and to Zurich.

Giancarlo Guetg was one of three founding partners of independent wealth manager Clarus Capital in 2011. Previously, he spent many years at UBS' wealth management arm, mainly dealing with Russian clients. Zuric-based Clarus is a member of the Swiss Association of Asset Managers and employs 18 staff.