The Swiss entity will focus on private finance for high net worth and ultra-high net worth individuals.

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

When the licence is approved, the GSB Switzerland operation will offer a range of services including independent private banking, wealth planning and private finance for high net worth (HNWIs) and ultra-high net worth individuals (UHNWIs), families, companies and structures, the firm said in a statement.

The Swiss entity will target HNWIs and UHNWIs with multi-jurisdictional financial needs who want exposure to Switzerland. Establishing an external asset management (EAM) presence in Switzerland will allow GSB to provide boutique private banking services onshore, and expand its offering to its existing HNW and UHNW clients with international assets.   

In anticipation of FINMA approval, GSB has hired a team to lead the EAM in Switzerland, headed up by Russell Hunter, who is joining from Schroders Private Bank, where he was head of Middle East, Spain and UK. Hunter was also a Geneva-based private banker at Coutts as well as a relationship manager at Barclays Wealth and Investment Management in London.

In addition, GSB has hired Béatrice Kofmehl Hofer to take on the role of private client manager at GSB Switzerland. She brings more than 20 years of banking sector experience. Previously serving as a senior private banker officer at Schroders, Kofmehl Hofer has held positions 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,” Alison Whatnall, chief operating officer and founding partner at GSB, said. “Establishing an external asset management 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,” Whatnall continued. “This will be another giant step forward for GSB in the company’s expansion plans, complementing our current offering in the UK and UAE.” 

GSB is a wealth and financial planning firm dedicated to guiding and navigating clients in the jurisdictions in which it operates. It specialises in financial planning, wealth management, private banking, finance brokerage, multi-family office services, and a capital markets proposition encompassing private equity, venture capital, M&A, pre-listing funding, IPO, corporate finance, corporate advisory, and private fundraising. It is regulated by the Dubai Financial Services Authority (DFSA) in the United Arab Emirates and the Financial Conduct Authority (FCA) in the UK.