Peter Wild joined Sarasin at the start of January, Sarasin said in a statement. He had previously been at AIG Private Bank Zurich since 1997, becoming chief executive of that firm in 2006. He has previously worked at Julius Baer. He switched to the private banking industry in the early 1970s after initially starting his professional career with the Japanese Camera company, Nikon.

The Swiss-listed bank said it was creating the dedicated division to exploit the needs of family office clients, identified as being an important driver of business growth at a time when wealthy families are looking to protect and grow their assets during the current tough economic climate.

“Peter Wild is a well-known figure and a highly experienced banker whose close familiarity with the market will be a valuable asset and perfect complement to our existing management team,” said Joachim Straehle, chief executive of Bank Sarasin.

“Peter Wild will facilitate our access to the demanding client segment of family offices and help us expand our business activities in this field. At the same time he is expected to boost our performance in the area of trading,” Mr Straehle said.