Austria's Bank Gutmann has found 50 millionaires whose fortunes to manage

Bank Gutmann, the most important player on Austria's private banking market, managed to find almost 50 euro millionaires in Romania whose fortunes to manage.
The Austrians started "hunting" for clients in Bucharest almost three years ago, and they opened an office in the capital city last year. The target announced to 2010 was a portfolio of 50 clients.
The segment targeted by the Austrians includes entrepreneurs or large corporation managers with fortunes worth at least 1m euros.
The client selection threshold is thus much higher than in the case of domestic banks that provide private banking services to their clients, with levels ranging between 50,000 and 200,000 euros.
"We are close to 50 clients, but our target was highly ambitious," says Gordian Gudenus, a partner with Bank Gutmann.
The relationship with each client of the bank is managed by a partner, together with his or her team. At present, the Austrians have two partners in charge with Romanian clients: Gudenus and Ilinca von Derenthall, with the latter having assisted them in developing Bucharest operations.