Swiss private bank Vontobel Group has established a new company, Vontobel Swiss Wealth Advisors, to serve the needs of American clients with declared assets.
The new company will be domiciled in Zurich and regulated by the US Securities and Exchange Commission (SEC). Martin Steger will be responsible for the operational management of the new company.
Vontobel Securities, the Vontobel Group’s existing SEC-licensed broker, will execute the transactions for the securities portfolios.
Peter Fanconi, head of private banking at the Vontobel Group, said: "The situation facing US clients has altered significantly during recent months as a result of more stringent US tax legislation. As an internationally active wealth and asset manager, we believe it is our duty to offer our clients appropriate solutions that take account of these changes.
"We have therefore developed a viable long-term solution for US citizens living in or outside the US, as well as for non-US citizens residing in the US, that is compliant with regulatory requirements."