Elystone was founded in 2002 as LP Partners by Luis Palacios and Mr Trapani has been a client for five years. He was quoted by the publication as saying: “I have enjoyed a fantastic service. The performance of my liquid portfolio was very good, in line with my objectives of low risk, low volatility, steady returns. I had a good relationship with Luis and last year we started talking about my getting involved more closely in the business.”

Mr Palacios, who previously established Morgan Stanley’s wealth management business in Geneva, remains majority owner of Elystone. The firm operates as a multi-family office for individuals with “tens of millions” to invest, said Mr Trapani, and has particular expertise in hedge fund investment. The majority of its 10 staff are based in Switzerland with other offices in London and Bermuda.