François Reyl, CEO of Swiss bank and asset manager Reyl & Cie, said the bank is aiming to reach £500m ($765m) AuM in London by 2016.
The Geneva-based bank, which has now identified London as the hub for its target client set of new-world entrepreneurs, has started with a staff of three but aims to hire up to 20 executives over time, according to a media report.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
"While other capitals seem to be driving wealth away, London, is doing everything right to make itself the global hub for sophisticated investors," Reyl was quoted by the publication.
"Our efforts in London will initially focus on wealth management activity. It will become a showcase for all of the group’s activities, from the distribution of our investment fund range, managed by Reyl Asset Management, to our private office services, led by Reyl Private Office, and our investment banking activities," Reyl added.
The Reyl office in St James’ Square, Mayfair, is headed by Ladislas Safyurtlu, managing partner of the new UK subsidiary, Reyl & Co (UK) LLP.
The bank is also planning to rapidly increase its ultra high-net-worth client base in Asia and Russia and to raise its profile in the US.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCommenting on expansion plans, Reyl said Russia, long regarded as challenging from a private banking point of view, is now a maturing market. Africa is some years behind, but is catching up fast with the emergence of an aspiring middle class, as well as its base of commodity wealth.
"The rise of some private equity funds in Africa is very impressive," Reyl added.
The Swiss private bank had seen its assets under management grow by 61% over the past year to CHF7m ($7.5m).
Reyl’s first office abroad was in Paris in 2004, followed by the establishment of Reyl Private Office in Luxembourg in 2009.
