Bank Hapoalim Switzerland, part of the Israel-based Hapoalim Bank, is launching family office services, Clarity Family Office, together with Atlas Funds, according to the Israeli publication, Globes.

The new company will formulate long-term strategies and manage investments and assets of wealthy families with at least $25 million in capital, it said.

Bank Hapoalim of International Activities and Bank Hapoalim Switzerland chairman Alberto Garfunkel told the publication: "Clarity will formulate with very wealthy families long-term strategies for their financial portfolios, which will take into account the condition and needs of all their assets and businesses. The company will help wealthy families design strategies and mechanisms for bequeathing capital to their heirs and preserving it for years."

Bank Hapoalim Switzerland increased its assets under management by 7 per cent during the first half of 2009 to SFr9.8 billion at the end of June.