Geneva-based independent asset managers Semper and Bruellan have decided to merge, and will become known as Bruellan.

Grégoire Vaucher, Semper’s current CEO and main shareholder, will become Bruellan's CEO and a managing partner, alongside Antoine Spillmann and Jean-Paul Tissières.

Bruellan CEO and executive partner, Antoine Spillmann, said: ‘We had been developing this merger since 2011 and thanks to it we will be able to offer better services to our clients.

'With the end of banking secrecy in Switzerland, it is not as easy as it used to be for asset managers to get clients as they can easily decide to move their money away from the country or to use the services of a bank.’

Vaucher said: ‘For this reason size matters, and we want to be able to compete with bigger organisations.’

Spillmann believes there is a lack of firms in Switzerland that deal with the wealth of an entire family.

‘That is when I thought we needed to change our business model. We have to to create a more institutional relationship with the clients,’ Spillmann said.

Vaucher added the new company is looking to hire more people: fund managers, asset managers and private bankers who will bring their clients with them.

He said: ‘We need to find the right people and after that we will think about launching new in-house funds.’

The new firm will manage around CHF 3.5 billion in assets. The company will employ 50 people based in Geneva, Lausanne, Crans-Montana and Verbier.

The Bruellan teams will move to the Semper office in Florissant. The companies have announced there will be no layoffs as a result of the merger – instead they are planning on expanding.

Jean-Baptiste Zufferey will serve as chairman in the board of directors, and Christian Zanella will be vice chairman.