Luxembourg-headquartered Quintet Private Bank is planning to shut down its Swiss business.
Quintet is in discussions regarding an associated workforce reduction at its Swiss operation. Following the conclusion of those talks and subject to regulatory approval, further decisions will be made about the form and timing of Quintet’s exit from the Swiss market, which may take “place by way of a sale or wind down”, it said in a statement.
The Swiss exit will have no impact on Quintet’s activities, clients or staff elsewhere in Europe and the UK, where the private banking group said it will further invest in sustaining and accelerating long-term growth.
Quintet Switzerland employs 87 staff and manages €1.85bn (£1.57bn, $2.14bn) in client assets.
Jakob Stott, group chief executive of Quintet, said: “Our existing core European and UK businesses are even more strongly positioned for the future following the merger of our EU-based subsidiaries and came through the pandemic very well. Consequently, we see clear opportunities to invest further and grow our core franchise.
“We have reviewed our growth strategy and re-examined our priorities in that light, looking ahead to the post-pandemic world. We are more convinced than ever that our model – a boutique wealth manager that cuts through complexity, where people collaborate and nothing matters more than the interests of our clients – will continue to prove successful.
“Establishing a path to profitability in Switzerland would take longer than anticipated and consume an increasing amount of our human resources, energy and capital. We will focus the investment of our resources in our core businesses – where the ability to grow sustainably has been proven and the long-term opportunity is clear.”
Quintet Private Bank employs over 2,000 staff and manages €85bn in client assets.
It was founded in 1949 and operates in 50 cities across Europe.
Quintet’s subsidiary of private banks includes:
- Brown Shipley (UK);
- InsingerGilissen (Netherlands);
- Merck Finck (Germany);
- Puilaetco (Belgium);
- Puilaetco (Luxembourg);
- Quintet Danmark (Denmark);
- Quintet Luxembourg (Luxembourg); and,
- Quintet Switzerland (Switzerland).