Asia’s wealthy turn to Switzerland to park assets

[ZURICH] Swiss private banks are expanding their Asia-focused teams onshore in Switzerland, after a sharp rise in referrals and inquiries from the region in the past two years.

Bankers said Asian family offices and ultra-wealthy individuals were increasingly shifting their money to Switzerland, seeking direct relationships and a haven for assets, including physical gold in vaults.

These clients wanted their investments to be legally booked and held in Switzerland, even if they live and work elsewhere, the bankers said.