There were murmurs of admiration when, ten years ago, tycoon David Rowland set up his own private bank in Luxembourg amid declarations that your average wealth firm just didn’t cut the mustard as far as he was concerned.

Banque Havilland, formed from the ashes of Iceland bank Kaupthing’s branch in the Grand Duchy, was regarded as a pioneering venture. It was a sort of family office for the Rowlands to cater for their specific needs but with a useful banking licence to help similarly disillusioned high net worth types.

And the jolly old launch went with, er...a bit of a bang. For Prince Andrew attended the opening ce...