In a wide ranging interview with the managing partner Konrad Hummler of the private bank Wegelin & Co in Le Temps, Mr Hummler emphasized the...

In a wide ranging interview with the managing partner Konrad Hummler of the private bank Wegelin & Co in Le Temps, Mr Hummler emphasized the importance of the onshore Swiss private banking market for the St Gallen-based bank. Wegelin’s clients are split between 60 per cent onshore and 40 per cent offshore, compared with the normal ratio for Swiss private banks of around 70 per cent foreign and 30 per cent Swiss. The business model, which appears to go against the typical offshore private banking model in Switzerland, has attracted assets under management of SFr3 billion ($2.2 billion) so far this year, according to Mr Hummler. The bank has opened two new offices in the last year, in Lausanne and Schaffhaus. Wegelin's main targets appear to be the Swiss mass affluent and professional classes. Mr Hummler said the bank has no plans to open an office abroad. Mr Hummler is sometimes viewed as a maverick in Swiss private banking circles. Last year he resigned from the board of the Swiss Bankers Association, arguing that it had failed to encourage debate about Switzerland's relationship with the European Union.