UK-based investment firm Odey Asset Management has partnered with Geneva-based Bruellan Wealth Management to launch a new investment management firm for private clients in Switzerland.

The new investment management firm will be called Odey Bruellan and aims to pick up business from Swiss banks which have been affected by the erosion of banking secrecy.

Crispin Odey, founder of Odey Asset Management, said: “Investors in Switzerland have had a raw deal. Fund management was about tax planning and secrecy but not performance, lots of process but little judgement. The performance in 2008 showed quite how bad the situation had become.

“However Switzerland is changing. While the UK and Europe steadily destroy their financial services businesses with high taxes and high regulation, Switzerland is going the other way. Bruellan have led the field in calling for this change and we are excited about our future together.”

Antoine Spillmann, CEO of Bruellan Wealth Management, said: “For years Bruellan has argued that the dominance of the banks would result in poor performance for clients. Crispin Odey, one of the great investment thinkers in Europe, understands that ‘small is beautiful’ in fund management. This is great news for Bruellan’s clients.”