The memo quotes Patrick Ramsey, Indosuez's wealth boss for Switzerland, the Middle East and Asia, saying that private banking will be expanded out of Zurich. He flagged further, targeted future hires.
Swiss Offshore Platform
Indosuez's expansion out of Switzerland contradicts the widely-held views that cross-border Swiss private banking has lost its luster following the end of banking secrecy. To be sure, several foreign banks have trimmed their sales in Switzerland, and those which have remained, like HSBC, have had to dramatically reduce and focus.
By contrast, Indosuez elected to expand its international business based on its Swiss platform, with emphasis on continental Europe, Russia, Middle East and Latin America. The wealth manager has bolstered assets under management to 42.2 billion Swiss francs ($42.6 billion) at the end of last year, from 39.3 last year.
With more than 1,500 private banking employees, Indosuez is among the five largest foreign wealth managers in Switzerland. Last November, the bank bought Milan-based private bank Leonardo, including a Swiss office.
Roughly 50 employees of the total are in Zurich, 30 of them in wealth management, where Wuethrich (pictured above) has bolstered assets in the mid single-digit range. The 46-year-old held several product and client leadership roles at Julius Baer.
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