Klaus Wellershoff has opened a new branch of his Zwei Wealth Experts company in Israel. The former UBS chief economist plans to offer his advisory services to the growing population of millionaires.
Klaus Wellershoff, owner and chairman of Zwei Wealth Experts and former UBS chief economist, and CEO Patrick Mueller (pictured below) opened the branch in Tel Aviv in February, according to a report by «Bloomberg».
Israel has seen rapid growth among technology companies in recent years, which resulted in a rise in the number of millionaires. Zwei Wealth Experts aims to sell its consultancy services to this group of wealthy entrepreneurs, according to Mueller.
Rapid Increase of Rich People
The number of millionaires in Israel last year increased 17 percent to 162,000, according to the Boston Consulting Group. About 100 private banks and family offices are eyeing up the business with this group of people.
Zwei Wealth Experts expects to find good business in the company, despite the fierce competition, because the consultants are experts in finding the most suitable banks and wealth managers for the clients’ purposes, according to the CEO of the company.
Still, clients tend to stick to their banks and relationship managers, Mueller conceded. He is a former UBS manager with rich experience in Israel and Africa.
Early Success
In the first weeks of its operations in Israel, Zwei Wealth Experts has been able to place $30 million with several financial-services companies in Israel, «Bloomberg» reported.
Wellershoff founded Zwei Wealth Experts in 2014 together with Mueller. The company has offices in Zurich, Geneva, Basel and Bern and employs 20 people. It has helped place some 700 million francs of 80 clients at third-party companies.
