Kasier Ritter Partner, the Leichtenstein and Switzerland-based wealth management group, said it is to reduce its headcount by 20 per cent while also indicating that it plans to grow through acquisitions next year.

Kasier Ritter Partner is to cut 60 jobs from its total headcount of 300 and sell its stake in Vaduz-based Principal Asset Management as part of moves to sharpen its strategic focus. At the same time the firm said in a statement that in 2010 it plans to “assess possible acquisitions at home and abroad, and to evaluate strategic partnerships that could lead to international growth within the parameters of the group's strategy.”

The statement additionally announced the forthcoming January retirement of Peter Ritter, after which the Fritz Kaiser Foundation will acquire the 48.45 per cent stake in the Kaiser Ritter Partner Group that was previously held by the Dr Peter Ritter Family Foundation, thus increasing its stake to 96.9 per cent. It has been agreed that the terms of the deal will not be disclosed.

Philip Marcovici's appointment to the board of directors of the holding company and Kasier Ritter's trust division was also announced. Mr Marcovici, who is to retire from law firm Baker & McKenzie, where he is a partner in Zurich and the chair of the firm's global private banking steering group, is a member of the editorial board of WealthBriefing.