US business: Vontobel acquires subsidiary UBS
Asset manager Vontobel wants to continue growing in the USA. As part of the strategy, the company is now announcing the acquisition of UBS Swiss Financial Advisers, a subsidiary of UBS.
Vontobel announced Thursday that the Zurich-based subsidiary, UBS, is expected to merge with Vontobel Swiss Wealth Advisors in the third quarter of 2022 and continue to provide “customized investment solutions in Switzerland” to US clients. The acquisition is part of the asset manager’s US growth strategy. Vontobel’s head of asset management, George Schwebiger, was quoted in the press release as saying that he quoted the company as bringing the company closer to its goal of “increasing our business with us and the assets we manage for US clients.”
With assets under management in excess of CHF 10 billion, Vontobel Swiss Wealth Advisors will “probably” become the largest Swiss asset manager for US clients. Vontobel does not provide any further details of the transaction. It is also subject to regulatory approval.
UBS will continue to provide recommendations to Swiss financial advisors to its clients at UBS. The acquisition ensures that “UPS customers in the United States will continue to have access to a Switzerland-based asset manager,” Tom Naratell, co-chair of Global Asset Management, said in the statement. In addition, the business structure will be streamlined and UBS will be able to focus on its core activities. (agl)
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