Reuss Private Group has launched 'foo', a technology company specialising in IT services and software solutions for financial services providers.
According to foo co-leader Benjamin Schulz, the new company was started in an attempt to boost Reuss' position as an IT leader.
He said: 'Digital transformation in the financial sector is still accelerating thanks to technological advancements, but also due to regulatory pressure.
'foo is based on our IT knowhow. It allows us to position ourselves even more as an IT service provider and to be more flexible in meeting our customers' needs.
The firm's name comes from the realm of computer programming. It is a word typically used as a placeholder among programmers and acccording to Schulz it represents the company's 'deep roots in the IT world'.
'foo is a daughter company of Reuss Private Group. It emerged out of the IT department of Fondsnet, another daughter company, and a pool of German IFAs,' he said.
The new firm's customer base is made up of independent financial advisers, brokers, banks, insurers and wealth managers. It currently serves clients affiliated with Reuss, including Fondsnet's partners and customers.
Schulz said: 'foo already supports the backbone of all of the companies at Reuss, including those domiciled in Switzerland. However, it is too early to tell when we will be offering our services to external customers in Switzerland.
'As a longstanding and important financial centre, it is of course an attractive market for our offering.'