"The firm provides a safe haven for assets in the midst of the continuing global financial crisis, a service that appears increasingly important in the current European context of fragile peripheral economies, and an unstable eurozone banking sector," the company’s website states.
Ganley, a businessman turned politician, and Gurdgiev, an economist, believe that their move will help to purge insolvency from the European banking system.
The newly launched asset management firm aims to help clients put money into Swiss bank accounts.
In the longer term, St Columbanus, of which Ganley is chairman and chief executive, aims to act as an asset manager, investing funds on behalf of clients.
Gurdgiev, who will leave his current position at IBM next month, will become the institution’s head of research.
Gurdgiev said that the new venture’s investment products would be completely transparent, and completely conservative – not for high-risk high rollers, but instead for hard-earned money to be safe.
