Sweden-headquartered SEB Group is to open a family office service company in Zurich later this year, which will offer administrative and other non-financial services as well as office space to family offices and business families in Switzerland.
In a statement on 16 May, the banking and financial services group also said it was seeking to open a representative office under the same roof.
William Paus, head of SEB's Private Wealth Management & Family Office division said: “There are many Nordic business families residing in Switzerland and the number has increased in recent years. Many of them have expressed a need for guidance and support on practical issues.
"We want to create an environment where they can meet and gain access to office space but also benefit from high quality non-financial services.”
Inspired by the year of the bank’s foundation the new company will be called 1856 Family Office.
The service company will offer various types of non-financial services such as selection of service providers for bookkeeping, accounting, legal advice etc. as well as administrative support and a concierge service.
Furthermore, 1856 Family Office will provide a dynamic office space where clients will be able to rent office spaces, desks and meeting rooms while networking and sharing experiences with other families and individuals.
With the establishment of 1856 Family Office, SEB further said it plans to unite the Nordic community in Switzerland by becoming the go-to place for daily support, collaboration as well as networking and knowledge sharing events. The goal is to create a place of purpose and belonging for all Nordic families and family offices in Switzerland and assist them with their daily tasks and challenges.
In addition to the establishment of the 1856 Family Office, and subject to approval of the Swiss regulator, SEB is seeking to open a representative office that can promote the financial services the bank currently offers from other countries.
SEB already has a well-functioning cross-border model for offering financial services to both corporate and institutional clients as well as Nordic individuals residing in Switzerland. Corporate and Institutional clients are mainly served through the bank’s operations in Germany while Private Wealth Management and Family Office clients are offered investment advice and financing solutions through SEB’s office in Luxembourg in close collaboration with the home markets.
Ole Hamre, head of the division's international business and head of SEB in Luxembourg said: “SEB will become the first Swedish bank with a representation in Zurich and will be the first Nordic bank to offer non-financial services in Switzerland through a dedicated service company.”
Paus added: “We believe that through the establishment of the new company and the Representative Office in Zurich we will be able to better serve our clients in Switzerland.
"This is in line with our strategy, which is to be close to clients and try to be one step ahead. The new company is part of a global concept under the same name - 1856 Family Office. Going forward, our ambition is to offer this type of service in several of our home markets”.
The ambition is to open 1856 Family Office with two to three employees in the third quarter of this year.
