Plans for the launch of the Swiss business of UK-based Arbuthnot Latham, the private banking business of Arbuthnot Banking Group, are well o...

Plans for the launch of the Swiss business of UK-based Arbuthnot Latham, the private banking business of Arbuthnot Banking Group, are well on course, according to chief executive John Reed. “We’ve selected a chief executive for Switzerland and we’re just waiting for a contract to sign, and the office should be ready for business in quarter two,” Mr Reed told WealthBriefing. “The new Swiss business will be based in Zurich and will handle our non-res dom business, along with being a full service offering. We’ve applied for the necessary banking licences and the Swiss authorities have indicated that this shouldn’t be a problem,” he said. Arbuthnot Latham has already raised the £4 million required to capitalise the new Swiss entity out of a new issue and existing funds. The bank plans to open a representative office in Hong Kong next year, through which it hopes to book assets for its new Swiss operation to manage. Arbuthnot Latham currently employs around 130 staff in its London and regional offices and will be looking to employ more for its team of relationship managers during the year to complement senior staff it made during last year in a consolidation period. Assets under management are presently around £1 billion. The bank is unique in the UK as its pensions department provides pensions advice, investment management and administration in-house.