Joe Dryer, the former global head of capital markets at Dresdner Kleinwort and Peter Horbye, a fund manager and former Lehman Brothers banker have joined forces with Swiss private bank Banque Heritage to launch a London-based investment banking business.

Joe Dryer, the former global head of capital markets at Dresdner Kleinwort and Peter Horbye, a fund manager and former Lehman Brothers banker have joined forces with Swiss private bank Banque Heritage to launch a London-based investment banking business according to a report in Financial News. Mr Dryer is planning to recruit 25 to 35 people for the new business. Banque Heritage has €4 billion of assets under management and employs 130 people in Geneva, according to the report. The new venture will concentrate on distributing debt and equity securities using the private bank’s network. It will also distribute hedge fund products and seed new hedge funds as well as moving into leveraged finance, private equity and asset management. Mr Dryer said the bank has “big ambitions”.