Swiss banking firm Helvetia Wealth is to set up an office in Dublin next month in an attempt to tap into the private wealth of Irish investors considering an exit from the property market.
The wealth management firm has been targeting Irish investors in recent months, offering access to institutional banking products from some of Europe's largest financial institutions, including Deutsche Bank, Société Générale and Credit Suisse.
Helvetia chief executive Kamil Stender said the company would open its Irish base in May.
It has signed agreements with a number of intermediaries to distribute its products and has set a target of €500 million in funds that it wants to take in from Irish investors this year.
The company is also pursuing an acquisition strategy and has identified a number of Irish wealth management firms that it would like to buy.
The company, which claims to offer Swiss banking to the mid-market as well as high net worth individuals, hopes to persuade investors to redirect their cash away from what it describes as "vanilla" banking products and into Swiss bank accounts.
"With the property market coming to a peak, there is a tremendous amount of liquidity that is coming out of property that is looking for a new home," Mr Stender said.
The bank accounts double as trading accounts that give investors access to listed securities on all global stock exchanges.
Countries such as Vietnam and Bangladesh are now being targeted as a source of investment returns by wealth management firms such as Helvetia.
The firm has set a minimum access requirement of €20,000, which is far lower than typical Swiss banking entry levels. It claims that its use of hedge funds in its portfolios will protect investors from any future correction in equity markets.
The firm is keen to distance itself from any illegal tax dodge activity and will provide Irish tax residents with tax statements in order to promote compliance with income and capital gains tax law.
"Offshore has been a dirty word for Irish investors," said managing director Guy van der Walt.
Helvetia has set up a 100 per cent owned subsidiary in Liechtenstein, which is a member of the European Economic Area (EEA).
It is taking advantage of legislation introduced last year that allows EEA-based firms to access the 27 EU member states. It is authorised to operate in the Republic by the Financial Regulator.
The UK, Germany and now Ireland are the most attractive markets for wealth managers, according to Mr van der Walt.
There is about €7 trillion worth of private wealth under management in Switzerland.
Switzerland is home to 400 private banks, and is an attractive location for investors because of the financial privacy it offers them.
