Swiss Private Bank EFG International Sets Up Asia Desk in London
In light of the turbulence in the financial markets and on the global political stage, many Asian clients appear to be shifting their assets from the US to London. The Swiss private bank EFG International is stepping into the breach.
The major geopolitical changes are prompting an increasing number of wealthy Asians to diversify their assets geographically. Against this backdrop, Swiss private bank EFG International is establishing a desk for affluent Asian clients in London, British newspaper «Financial Times» (article behind paywall) reported over the weekend.
«Asian clients who have previously invested in the US now want to diversify more heavily into Europe,» EFG CEO Giorgio Pradelli told the «FT». «In private banking, clients are always looking for safe havens.» After Switzerland, the British capital is the world’s second-largest offshore financial center, where an estimated $2.2 trillion (roughly 1.8 trillion francs) is under management.
Ten-Person Team Led by Oliver Balmelli
The new London team will be headed by Oliver Balmelli starting next summer. The Ticino native is currently Deputy CEO of EFG’s Singapore branch. The crew is expected to grow through both internal promotions and external hires, to as many as ten people. Other teams of this size typically manage around 3 billion francs ($3,7 billion) in client assets within their first few years.
Asian clients are a highly coveted demographic globally, since they largely comprise entrepreneurs and their families; these clients are mostly still active in business, meaning their wealth continues to grow. Against this backdrop, several Swiss banks, among them UBS, Pictet, and Liechtenstein’s LGT, have recently expanded their Asia desks in Switzerland.
