UAE-headquartered wealth manager GSB eyes Swiss expansion

Financial services group GSB is in the process of applying for a licence from the Swiss Financial Market Supervisory Authority (FINMA), which would permit it to launch a wealth management operation in Geneva, Switzerland.

Russell Hunter (pictured) has already been hired from Schroders Private Bank to run the Switzerland operation once licence is approved.

The GSB Switzerland SA operation will offer a range of services including independent private banking, wealth planning and private finance for high net worth and ultra-high net worth individuals, families, companies and structures.

The Swiss entity will look to target high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) with multi-jurisdictional financial needs that want exposure to Switzerland. Establishing an External Asset Management (EAM) presence in Switzerland allows GSB to provide boutique private banking services onshore, and expand its offering to its existing HNW and UHNW clients with international assets.

In anticipation of FINMA approval, GSB has hired a team to lead the EAM in Switzerland, headed up by Hunter, whose role at Schroders Private Bank was as head of Middle East, Spain and UK.

Hunter was also a Geneva-based private banker at Coutts as well as a relationship manager at Barclays Wealth and Investment Management in London.

GSB has also hired Béatrice Kofmehl Hofer to take on the role of private client manager at GSB Switzerland. She brings more than 20 years of banking sector experience. Previously serving as a Senior Private Banker Officer at Schroders, Béatrice has held key roles at Lloyds Bank and UBS, specialising in serving the needs of wealthy private clients.

Alison Whatnall, chief operating officer and Founding partner at GSB, said: “Geneva is a renowned global financial centre, especially for private banking, wealth management, and asset management – part of GSB’s core expertise. Establishing an External Asset Management (EAM) presence, pending regulatory approval, will allow GSB to provide an expanded suite of wealth services to our clients, many of whom are global citizens with assets and interests spanning multiple jurisdictions, including Switzerland.

“Switzerland is also home to a significant number of HNWIs and UHNWIs seeking tailored investment solutions and asset management services. Once authorised, GSB will be able to deliver onshore services to domestic Swiss clients seeking a trustworthy, independent wealth partner.”

“Once approved, this will be another giant step forward for GSB in the company’s expansion plans, complementing our current offering in the UK and UAE. We are delighted that Russell Hunter and Béatrice Kofmehl Hofer have joined the company to lead the new entity. Their private banking and wealth management experience will be vital in growing the GSB brand.”

GSB was recently awarded Certified B Corporation™ (B Corp™) status, the rigorous systems of assessing a global community of businesses dedicated to high social and environmental performance standards.

Earlier this year, GSB became the first-ever international firm, and the first in the Middle East, to achieve CISI Chartered FirmTM status, which highlights the firm is operating at the highest levels of trustworthiness and professionalism.