Zurich-based Falcon Private Bank has confirmed that it is planning to take on up to 15 more relationship managers by the end of 2011 as part of plans to nearly double its assets under management over the five years.

Falcon, which had $12 billion in AuM at the end of September, has increased its private client assets under management by 42 per cent ($5.1 billion) this year and expects this to rise to $8 billion within the coming two years.

Once part of the US insurance giant AIG, Falcon was acquired by Abu Dhabi's Aabar Investment in 2008.