Helvetia Wealth, the Swiss private banking and asset management firm, has expanded its UK presence with a pair of acquisitions which have increased its assets under management to over SFr1 billion (just under $1 billion).

Helvetia Wealth has bought Glasgow-based City Gate Money Managers along with a controlling stake in London-based TAM Asset Management, adding 25 staff to its payroll. Terms of the deals were not disclosed.

Helvetia Wealth said in a statement that it regards the UK as a key market and Guy van der Walt, the firm's vice-chief executive, anticipates Helvetia will grow its UK businesses by “streamlining processes to give clients access to Swiss wealth management services.”  The fact that TAM Asset Management has a London Stock Exchange licence will also allow the firm to execute trades faster and with improved margins, Helvetia said.

Helvetia is a relative newcomer to the wealth management sphere, having been launched four years ago, and the firm views this as an advantage. “The financial services market has been turned on its head, traditional market leaders are under semi-duress, and this creates a tremendous opportunity for the younger players,” said Kamil Stender, Helvetia Wealth’s chief executive.

In other recent developments, in late November Helvetia Wealth announced that it had appointed former Irish prime minister Bertie Ahern as chairman of its International Forestry Fund, a role which he will take up at the start of next year.