UK-headquartered independent merchant bank Close Brothers has opened a new office in Zurich, Switzerland and appointed Jürg Glesti as head of its Swiss operations.
Close Brothers believes demand for independent financial advice is growing and is building up its international business. It recently acquired the remaing stakes in its French and Spanish operations.
The firm views Switzerland as a particuarly attractive market due to the trickle of companies and private equity firms moving their headquarters to Switzerland to take advantage of the benign tax environment.
“We see great opportunities in the Swiss market, both domestically and internationally. When many other advisory firms are retracting we believe this is a good time to be expanding our European presence to capture the opportunities that are emerging from today’s unprecedented market conditions,” said Stephen Aulsebrook, chief executive of Close Brothers Corporate Finance.
Glesti joins Close Brothers from BNP Paribas where he was a Global Relationship Banker for mid-cap and large corporates. Prior to that he spent nine years at KPMG where he headed the Swiss corporate finance division.
Close Brothers has recently advised on two mid-market transactions in the IT sector in recent months including the sale of KCS.net Holding AG, a Swiss-based Enterprise Resource Planning (ERP) solution vendor to The Carlyle Group.