Swiss private banks 'increasing funds'

14 June 2010

Private banks based in Switzerland are reporting increases in the amount of assets they are holding for foreign clients.

Jacques de Saussure, designated senior partner of Pictet - one of Switzerland's largest private banks - told the Financial Times that there is "growing optimism" about the country's position as a wealth management center.

"There are suddenly new reasons for having your assets in Switzerland," he said.

He stated that the current economic uncertainty affecting the eurozone is having a big impact on the performance of the country's private banks.

His comments have been backed up by a recent report by Boston Consulting Group (BCG).

Matthias Naumann, BCG's managing partner for Switzerland, said: "Given the current uncertainty in the eurozone, there is a trend for customers to move additional declared money to Switzerland."

Last month, members of the eurozone signed up to a €750 billion ($975 billion) bailout package designed to calm market fears about the financial troubles of Greece spreading to other member states.

By Claire Archer

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