The on-line trading bank, which specialises in currencies, equities, contracts for difference, futures, options and other derivatives, is transforming its business model to capitalise on the fragmented asset management market and is hoping eventually to generate growth across the Atlantic.

"We really want to widen our scope to encompass more traditional investment opportunities, more management-like products, still in an on-line environment... but combined with more classical wealth management competencies," Saxo Bank's co-chief executive was quoted as saying.

He added that the Copenhagen-based bank's recent acquisition of Danish wealth management company Sirius Kapitalforvaltning is an example of the type of small add-on acquisitions Saxo will be eyeing in coming years.

He said that over time asset management may become a "substantial" part of Saxo's total business.

"We would certainly like to see it move into double-digit percentage figures in a few years," he was quoted as saying. It is currently in the low single digits. "Clearly that market is much greater than the markets we have traditionally catered to," he said, adding that he sees scope for an on-line technology revolution within asset management similar to the one stock markets have undergone.

"Wealth management is a huge fragmented market where none of the major players are even approaching a 5 per cent market share," he said. "Our view is not to replicate what everybody else does, but to give it a technology and transparency angle that perhaps is less prevalent in traditional wealth management," he added.

On Thursday, Seier Christensen will travel to Prague to open Saxo's latest sales office. The bank is also planning two additional office openings in Amsterdam and in an undisclosed European city later in the year, he said.