Zurich-based private bank Vontobel is strengthening its commitment to asset management by acquiring the remaining 40 percent of a U.K.-based boutique asset manager sooner than planned.
Swiss private bank Vontobel Wednesday announced it is speeding up the purchase of the 40 percent it does not already hold in TwentyFour Asset Management, a London-based boutique specializing in fixed income.
When Vontobel bought 60 percent of TwentyFour in 2015 it originally planned to buy the rest in two tranches in 2021 and 2023. It will now buy the whole of the remaining stake in 2021, it said in a press release.
Deal Partly in Shares
The parties agreed not to reveal financial details, but some of the deal will be in Vontobel shares.
TwentyFour will retain its operational independence and continue to serve its clients from its London and New York offices as well as via Vontobel’s international network of branches, the bank said.
Growth
Since Vontobel bought into it in 2015 TwentyFour’s assets under management have grown to 24.2 billion francs ($26.3 billion) from 6.4 billion.
