Private banking can be an overly traditional industry, set in its habits and way. There are however, a number of new firms looking at it differently; St Gotthard Fund Management is one of them. Patrick Brusnahan writes
The founders got together for a “brainstorm” in Cyprus and, according to Vishnevsky, “had a discussion about what we felt were problems that could be solved by starting our own company”.
Speaking to PBI, Bollhader says: “The larger the company, the more I would say, you get dragged away by the wrong reason, such as politics and other stuff.
“I would say maybe 10-15 years ago, the relationship manager at the bank was probably more on the side of the client.
“Now we have the motivation to do something, which I believe is more for the client.”
“Today that’s paid dividends because it’s not a sexy area, it’s not something that everybody focuses on.
“It’s a lot of paperwork, a lot of papers, and you need to have attention to detail. It’s definitely not very interesting; however, your ability to work with the client and take out most important issues, that’s where we decided to focus our attention – to be in-between the bank and the client, basically, as an external asset manager, and really make a frictionless onboarding process. We want to limit the interaction between the bank and the client, ask all the right questions ourselves, and then present that to the bank.”
The gold standard
St Gotthard aims to have $100m in assets under management by the end of the year. It needs to be different enough to capture attention, but also deliver traditional returns to capture clients.