Geneva-based Banque Heritage has recently launched a family office, headed by a former Credit Suisse family office specialist, it has emerged from Swiss media reports.

Heritage Private Office was launched in July 2009 and is based in Geneva at the office of Banque Heritage with a current headcount of 14, a spokesperson told WealthBriefing.

Nick de Scossa, who joined the firm on 1 July from Credit Suisse, where he managed the family office business, heads the family office.

Heritage Private Office was launched by Mr de Scossa, as well as William Lovering, the ex-head of international portfolio management at Al-Rajhi Holdings, and Andrea Savoretti.

This publication was told that the Banque Heritage’s family office was set up after the three partners saw how the major banks neglected their service for ultra-high net worth clients.

Heritage Private Office is looking to have net new assets of SFr3.5 billion ($3.4 billion) by the end of this year. So far, the firm has managed to secure nearly $2 billion.