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 its acquisition of UBS’s subsidiary, UBS Swiss Financial Advisers.
Vontobel announced Thursday that the Zurich-based subsidiary of UBS will 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 wealth manager’s US growth strategy. In the statement, George Scheubiger, head of wealth management at Vontobel, said it brings the company closer to its goal of “expanding our business with the assets we manage for US clients.”
With assets under management in excess of CHF10 billion, Vontobel Swiss Wealth Advisors will “probably” become the largest Swiss wealth manager for US clients. Vontobel did not reveal any other details about the deal. It is also still subject to approval by the supervisory authorities.
The statement said that UBS will continue to provide recommendations to Swiss financial advisors to its clients at UBS. The acquisition ensures that “UBS customers in the United States will continue to have access to a wealth manager based in Switzerland,” Tom Naratel, co-chair of Global Wealth 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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