The history of private bankers in Switzerland is closely linked to the country's economic development as well as that of its main cities: Basel, Bern, Geneva, Lausanne, Luzern, Neuchâtel, St. Gallen and Zurich.

[4] The history of private bankers in Geneva started around 1550, with the influx of Huguenots fleeing persecution in France[3] shortly after the city of Calvin proclaimed itself a Republic.

These Protestant refugees were members of the merchant class and were equipped with substantial wealth, commercial and financial know-how, and personal connections in all the main European cities.

[4] 'This created favourable conditions for bankers in Geneva to engage in transactions that were not directly connected to trade, enabling them to further develop their activities beyond their borders'.

The pioneers included : However, private bankers were unable to meet the increasing need for finance brought about by the rapid development of industry in the second half of the 19th century.

[5] In Basel, where the sector emerges much later than in Geneva, around the mid-19th century, Private bankers were responsible for founding the Swiss Bank Corporation (which merged with UBS in 1998).

With two World Wars, the stock market crash of 1929 and the Great Depression, the first half of the 20th century was a difficult period for private bankers.

[7] However, the end of the Second World War allowed private bankers to grow more vigorously than ever before and to position themselves as 'the recognised specialists in wealth management'.

[14] This consolidation took three different forms: First, several private bankers, such as Ehinger & Co. in Basel or Ferrier Lullin & Cie in Geneva, were acquired by large Swiss banking groups.

Second, some private bankers changed their legal structure, becoming listed or unlisted limited liability companies mainly to resolve succession issues or as a way of financing their growth, such as Julius Baer & Cie in 1975, Vontobel in 1984 and Sarasin in 1986.