SWITZERLAND - The asset management arm of the beleaguered Dutch ABN Amro bank is opening a full-time operation in Zurich, the firm has announced today.

ABN Amro Asset Management (ABN Amro AM) decided to expand its Swiss asset management operations fully to the Zurich office to cater to the demands of the firm's growing Swiss client base.

Asset management for Swiss clients was previously handled by the firm's Frankfurt team.

"Fund distribution has been operating well for a number of years from Zurich, and because it has done so well ABN Amro has decided to also manage the institutional part, such as the mandates, from Zurich," the newly-appointed chief executive officer Dominik Issler told IPE this morning.

The firm has poached Issler from Schroders' Zurich office to focus mainly on institutional investors, the firm said in a statement today.

ABN Amro AM has around €193bn in assets under management, around €2bn of which come from Swiss clients, according to Issler.