The UK has struck a new deal with Switzerland which will enable UK wealth managers to more easily serve Swiss clients, and vice versa.

Swiss entrepreneur Marco Garzetti has reignited the battle for struggling Swiss fund manager GAM by saying he would do “whatever it takes” to keep the Swiss fund management group independent.

Swiss bank and wealth manager UBS is to acquire its troubled rival Credit Suisse in an “emergency rescue” deal worth £2.5bn.