Swiss banking group Julius Baer said it has opened a private banking office in Milan, the first time it has run wealth management operations from the Italian city.

The office of Julius Baer SIM, the name of the private client office in Milan, will be headed by Stefano Canossa. Meanwhile, Fabrizio Rindi has been appointed chairman of the board of directors of Julius Baer SIM and Julius Baer SGR. The latter group is the bank’s institutional asset management and fund business, which has been operating in Milan for several years.

“Our extensive wealth management expertise, client-centric approach and ability to attract some of the most talented industry specialists are a clear commitment to quality for our clients,” Bernard Keller, chief executive Italy and Southern Switzerland at Julius Baer, said in a statement.

The new office is based in Corso di Porta Nuova in Milan.

Mr Rindi has held a number of senior positions in the Italian financial industry, including the role of vice chairman of Credit Suisse Italy and chairman and chief executive of Winterthur Insurance and Winterthur Life in Italy. Julius Baer said Mr Canossa is an experienced investment manager at GAM, the active asset management business that is part of the Julius Baer group.

The move comes shortly after Julius Baer announced it was opening an office in London for its investment products distribution team.