Swiss private lender Reyl & Cie is planning to expand its international footprint and increase in its assets under management by 50-100% over the next five years, according to Reuters.
"We are working on a 2016-2020 plan which involves getting our assets under management significantly north of 15 billion, so we still have strong ambitions," Reyl & Cie CEO Francois Reyl said in an interview for the Reuters Wealth Management Summit.
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"Hopefully we can grow the business north of 15, north of 20 maybe."
The bank now is planning to expand in Asia and the US, and is gearing up to launch in Dubai soon.
At the end of 2014, the bank managed CHF10.7 billion ($11.5bn), but that slipped by 9% on 15 January 2015, when the Swiss National Bank announced a huge surge in the value of the currency. However, it has since recovered and grown again.
The move comes as the bank looks to diversify further away from its super-wealthy advisory business.
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By GlobalDataAccording to Reyl, the bank’s target private banking client is a first or second generation cross-border entrepreneur still in the "wealth creation phase".
Clients are now showing more interest in Swiss and British real estate, private equity, alternative investments and shares as interest rates become ultra-low, and shifting away from fixed income, cash and gold.
"What was a nice-to-have diversification became an absolute necessity," Reyl added.
