This follows the award of a banking licence in September 2009. In addition to its core offering of portfolio management and funds, Paris-based EFG Banque Privée is now able to offer its clients a full range of banking, credit, cash management and payments services.

EFG International completed its acquisition of wealth manager Sycomore Gestion Privée in July 2008, subsequently rebranding the business to EFG Gestion Privée at the end of the year. The business is led by Fabrice Moullé-Berteaux and Antoine Lacourt.

A “robust” performance has, the firm says, been based on expanding its capabilities and the selective recruitment of high quality entrepreneurial client relationship officers.

At end 2009, clients’ assets under management were in excess of SFr700 million (about $675 million), with 30 employees (up from five when the business was acquired), including ten CROs.