Swiss asset manager ATAG Asset Management has obtained a banking licence from the Swiss Federal Banking Commission and will be converted to a private bank.

Swiss asset manager ATAG Asset Management has obtained a banking licence from the Swiss Federal Banking Commission and will be converted to a private bank. The company, a subsidiary of local regional bank Basellandschaftliche Kantonalbank since 2000, will be renamed and branded as AAM Privatbank. It will also change its strategy to target both organic growth and growth through acquisitions. AAM plans to strengthen its presence in neighbouring countries such as Germany, France, Belgium and Luxembourg, as well as in the Czech Republic and Hungary. A branch office will be opened in Canada. AAM's Swiss activities will also be expanded. The company plans to open a new office in Zurich and will review other locations such as Bern and Basel in the medium term. The company has a staff of around 150 employees. Its core business consists of investment consulting and asset management for private and institutional customers. It currently has offices in Basle, Berne, Geneva, Lausanne, Zurich and Luxembourg.