Confirming earlier reports of expansion, one of the bluest-blooded names in wealth management has hired a group of managers and private bankers for the Asia market.

Edmond de Rothschild Group, the Swiss private banking and asset management group, has expanded its Hong Kong private banking team with six new appointments.

The six include senior private bankers and advisors with extensive experience in private banking and specialist expertise in areas such as corporate banking, trust and succession planning and investments, said the firm in a statement.

The team is led by Monique Chan, chief executive officer of Banque Privee Edmond de Rothschild, Hong Kong and head of Asia for the Group, and will specialise in client-focused, bespoke services for entrepreneurs and their families related to wealth development, preservation and succession planning.

The announcement fits with recent reported comments from the bank's top executives about their desire to make a success of the Asia wealth market, undaunted by some of the challenges faced by European peers. (See here.) 

"High net worth individuals in Asia often have complex personal, family and business needs. With the diverse capabilities of our private banking team in Asia we are able to provide clients with bespoke solutions that leverage our strengths in asset management, corporate finance and private equity," said Chan.

The company has been operating in Hong Kong for over 20 years, establishing its private banking business and representative office in the territory in 1992. It obtained its full branch licence in 2012. In 2006, it was one of the first European institutions to be granted a QFII quota and open in Shanghai.

Edmond de Rothchild has 31 offices in 19 countries in Europe, Asia, the Middle East and South America, and around 2,800 staff. It aims to grow its total assets under management to €158 billion ($218.9 billion) by 2016. As at 31 December 2013, the bank held €133.6 billion in AuM.