Tuesday 4 December 2007

Geneva : elegance, tradition, good manners and lake-side living

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Geneva, Switzerland, the home of wealth, is split by a fast flowing river (Lake Geneva) which gives the town a blustery, seaside air. The financial district is a walk away from most centrally located hotels and offers a chance for a pleasant, City walk to meet some of the most important private bankers in the world.

As with all of the financial destinations, there are many myths and views the industry has that often need a fresh set of eyes to change them. On my visit to Geneva, I heard many off-the-cuff comments like: “the Swiss are obsessed with time precision” or “the Swiss are dull and boring.” Whilst there may be a prestigious jewellery and watch industry, (which I plan to go back and investigate thoroughly); dull the Swiss are not.

Before my visit, the recommendations spilled in: “you will like Geneva best, don’t go to Zurich.” On my arrival in Geneva, every Zurich person I met couldn’t believe that I wasn’t visiting both cities; it became obvious that Geneva is the fork to Zurich’s knife. Visit both if you are targeting Switzerland.

Many liken the feel of Geneva to Jersey in the Channel Islands and this was something I heard a couple of times. Although this is not everyone’s preferred view (Geneva is more Euro-cosmopolitan), I can see what was meant. Essentially Geneva is a bijou, well connected community that has a long established financial strength and confidence. It is a contented, well nourished jurisdiction enjoying the finer things in life and does have an island feel.

Good manners are everything here and the French Swiss (Geneva is French Swiss and Zurich German Swiss), regularly comment on the good manners of those they meet or know. The philosophy is traditional, grand and operating at a sophisticated, intellectual and artistic level. Perhaps the Swiss created the wealth personality that is prevalent elsewhere?

In my view, the Swiss could never be classified as boring. For a start most are not Swiss. There are many other European citizens here making an interesting mix and conversations are conducted in at least two, three or four languages. Something that us ‘Anglo Saxons,' as the Swiss call us, struggle with.

I had a few stares of disbelief that my French wasn’t at a conversational level but most carried on chattering away, convinced that I didn’t really mean it. One thing you will not see much of in Switzerland is reception waiting areas. The Swiss believe they should immediately show guests into a meeting room as soon as you arrive. It is not entirely for secrecy reasons; it is also considered good manners to do this.

Contacts in the region

Whilst in Geneva, Maitland Group had a very grand party at the Parc des Eaux-Vives which ranks as one of the nicest venues I have ever visited. Although I’m sure it will have a fight on its hands this week the recent Ozannes Gherkin party, which I have been assured is the hot ticket of the year (let alone month). Maitland have an ex Macfarlanes person in their midst, a chap called Michael Hayes who was at Macfarlanes from 1974 to 2004 and Head of the Private Client Department from 1991 to 2000. He’s London based. Check out the side bar on the next page and their website - all the people profiles are upon it. http://www.maitlandgroup.com/.

I also met Paul Imison of EFG Bank who took me through the rapid rise of their success. Making major acquisitions throughout the world, they’ve grown from small to a world class organisation in just a few years which must make them the envy of their peers. Check out their website on http://www.efgbank.com/

Whilst there I was reminded about a solid, independent consultant (family office consultant and technology venture capitalist who is Geneva based), Hakan Hillerstrom. Find him on http://www.hillerstrom.com/.

For those of you interested in art in the region you can contact Guy Jennings at Theobald Jennings. http://www.theobaldjennings.com/

Swiss wealth industry

One third of the world's private banking wealth is managed in Switzerland.

Swiss-based companies may administer trusts governed by the laws of other jurisdictions, including the Cayman Islands, Jersey, Guernsey, the Isle of Man, Bermuda and England and Wales.

Switzerland is not a zero tax jurisdiction but the Swiss authorities allow trusts created by and for non-residents of Switzerland to operate without negative tax consequences.

There are approximately 400 banks in Switzerland.

This first appeared in http://www.citywealthmag.com/

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