New avenues for private banking: a major Luxembourg-based business airline will provide customers with services of a Swiss wealth manager. Here’s why.
Luxaviation Group agreed to a partnership with Colombo Wealth Management, the two companies on Wednesday said at the EBACE business aviation exhibition in Geneva.
The mainly European-based clientele of the airline will receive direct access to advice and other services in connection with airline financing as well as other administrative purposes. An aviation expert will be available at the joint Luxaviation-Colombo offices in Lugano from June to ensure a smooth know how transfer.
Family Office and Asset Management
Colombo Wealth Management was founded in 1974 and is majority-owned by the Colombo family. The company has about 50 members of staff and manages more than 2.5 billion Swiss francs ($2.52 billion) in client assets.
Colombo also has offices in Zurich, Geneva and Luxembourg. It advises private clients and family offices and has its own asset management unit.
A Lucrative Business
The combination of financial services and aviation is a lucrative business, with strong interest from Swiss big banks. The deal announced today is new because it links one of Europe’s largest business airline with a specialized Swiss wealth manager.
«There are numerous parallels between wealth management and the needs of the clients of business airlines, making our partnership a logical fit,» said Patrick Hansen, CEO of Luxaviation Group in Geneva in an interview with finews.com.
Huge Fleet
Luxaviation is managing some 270 aircraft and 50 helicopters. The company employs 1,700 and has more than 15 service centers across the globe.
«Luxaviation is internationally renowned for its first-class customer service, which is in keeping with the Colombo Wealth Management standards. This makes us natural partners with common values,» said Sibylle Peter, a member of the board at Colombo Wealth Management.
