The Swiss Private Bankers
In Switzerland, the term “private banker” refers to a specific definition in the Swiss Banking Law: It applies to banks whose legal status is one of individual ownership, registered partnership, limited partnership or limited partnership with shares. Unlike other banks offering private banking services organized as limited liability companies, the partners of the private banker partnerships carry unlimited liability for the bank’s commitments and assets. All of their private wealth is thus engaged.
A partnership is the ideal legal structure for private bankers whose primary activity is international wealth management and securities trading. Thanks to their flexibility and their independence, Private Bankers reject the general tendency which leads to standardization, anonymity and bureaucracy.
One essential point always distinguishes a Private Banker from a private bank: he is entirely committed to his company, where his responsibility is engaged with his entire commercial and private assets. As a result, the Private Banker does not risk the bank’s capital and refrains from credit activities or proprietary trading, placing clients at the center of his strategy. Entrepreneurs, they work with entrepreneurs, a family business at the service of families, generation after generation. At the end of 2014, there were 7 private banker partnerships in Switzerland.