Global wealth management group GSB is applying for a licence from the Swiss Financial Market Supervisory Authority (FINMA) to launch a wealth management operation in Geneva, Switzerland.

Upon approval, the GSB Switzerland SA entity will offer a range of services, including wealth planning, private finance, and independent private banking for high net worth (HNW) and ultra-high net worth (UHNW) individuals, families, companies and structures.

Its Swiss operation will seek to target HNW and UHNW individuals with multi-jurisdictional financial needs that want exposure to Switzerland.

GSB stated that establishing an external asset management (EAM) presence in Switzerland would allow it to provide boutique private banking services onshore and to expand its offering to its existing clients with international assets.

In anticipation of FINMA approval, GSB has hired a team to lead the EAM in Switzerland, led by former Schroders Private Bank head of Middle East, Spain and UK, Russell Hunter.

Hunter was also previously a Geneva-based private banker at Coutts and a relationship manager at Barclays Wealth and Investment Management in London.

GSB has also hired Béatrice Kofmehl Hofer as private client manager at GSB Switzerland, bringing more than 20 years of banking sector experience.

Previously serving as a senior private banker officer at Schroders, she has also held roles at Lloyds Bank and UBS, specialising in serving the needs of wealthy private clients.

“Geneva is a renowned global financial centre, especially for private banking, wealth management, and asset management – part of GSB’s core expertise,” commented GSB chief operating officer and founding partner, Alison Whatnall.

“Establishing an EAM presence, pending regulatory approval, will allow GSB to provide an expanded suite of wealth services to our clients, many of whom are global citizens with assets and interests spanning multiple jurisdictions, including Switzerland.

“Switzerland is also home to a significant number of HNWIs and UHNWIs seeking tailored investment solutions and asset management services. Once authorised, GSB will be able to deliver onshore services to domestic Swiss clients seeking a trustworthy, independent wealth partner.

“Once approved, this will be another giant step forward for GSB in the company’s expansion plans, complementing our current offering in the UK and UAE.

“We are delighted that Russell Hunter and Béatrice Kofmehl Hofer have joined the company to lead the new entity. Their private banking and wealth management experience will be vital in growing the GSB brand.”

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