Dirk Drechsler, recently appointed head of Private Banking for German-speaking Europe for the Vontobel Group, said the Swiss bank plans to double its staff in Germany “at least within three years”. Dr Drechsler resigned in April as a partner of German private bank Hauck & Aufhaeuser after a disagreement over future strategy. He took up his new post at Vontobel on 1 September. He is to take over responsibility for the Vontobel Group’s private banking activities in Germany, Austria and Liechtenstein. The focus will be the strategic expansion of Vontobel’s activities in Germany. According to German press reports, Dr Drechsler said Vontobel is looking to increase cohesion between its three sections – private banking, investment banking and asset management. The bank’s market research has identified about 20,000 potential customers. Vontobel regards itself as an alternative to the German private bank Sal. Oppenheim. It distinguishes itself both from the mass business of Swiss major banks like UBS, whilst having a broader offering than other Swiss private banks such as Pictet. Vontobel currently has 20 relationship managers in Germany looking after around SFr8 billion of assets under management. It also plans to open a further office in Germany; it currently has offices in Cologne, Munich and Frankfurt.