Stonehage Group, the London-headquartered multi-family office, has launched a new Geneva-based business headed by Craig Anderson, latterly of JP Morgan, as director.

Mr Anderson spent 16 years working at JP Morgan, and was most recently vice president with responsibility for managing and servicing private client investment portfolios in the Middle East, Africa and India.

Stonehage Investment Partners Geneva has been launched to complement the existing SIP business in London, as the firm believes that going forward the Swiss city is particularly well-placed to attract high net worth individuals seeking investment management services. One factor that has led commentators to predict an exodus of wealthy individuals to Switzerland is the UK government’s proposed 50 per cent tax on top earners, which would, of course, affect large numbers of hedge fund managers, for example. The new tax rate is due to take effect in April.

“The opening of SIP Geneva and the appointment of Craig marks the next stage of SIP’s development. The move also supports Stonehage’s ongoing expansion of our Swiss operations with existing offices in Zurich, Geneva and Neuchatel,” Steven Kettle, SIP’s executive director, said in a statement.