Barclays Wealth, the private client arm of UK-listed banking giant Barclays, aims to triple the assets under management at its Swiss subsidiary within five years, Barclays Bank (Suisse) chief executive Philippe Sednaoui told Reuters.

Barclays Wealth, the private client arm of UK-listed banking giant Barclays, aims to triple the assets under management at its Swiss subsidiary within five years, Barclays Bank (Suisse) chief executive Philippe Sednaoui told Reuters.

“The objective is to multiply AuM by three over a five-year period,” he told the newswire. The firm currently manages SFr16 billion (about $14.1 billion) in Switzerland.

The firm has about 400 staff based in Geneva. Sednaoui said that regardless of the recent legal changes in Switzerland, such as the UBS treaty which will lead to the transfer of UBS client details suspected of tax evasion by US authorities, Switzerland remains interesting for international clients.

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