Rothschild Group’s wealth management unit in
Zurich reportedly plans to increase assets by focusing on more
established onshore markets in Europe as the crackdown on tax
evasion continues to hit Swiss banks.
Thomas Pixner, head of private clients at
Rothschild Wealth Management and Trust, was quoted in media reports
as saying: “The onshore markets are the fastest-growing markets in
our bank.”
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Pixner stated that Rothschild has created a
lot of growth in the ‘old’ European markets, despite the view held
by many that there was no more room for growth in these
sectors.
Amid the international fight against tax
evasion, Pixner reportedly added that some customers have asked to
transfer money to onshore accounts.
At least half of Rothschild Group’s Zurich
wealth business is said to be in cross-border accounts held by
clients in countries including the UK, Spain and France.
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