Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bank Vontobel buys Lombard Odier business in North America

Published 10/19/2018, 04:01 PM
Updated 10/19/2018, 04:01 PM
© Reuters. FILE PHOTO: Logo of Swiss bank Vontobel is seen in Zurich

© Reuters. FILE PHOTO: Logo of Swiss bank Vontobel is seen in Zurich

ZURICH (Reuters) - Bank Vontobel will acquire the international portfolio of U.S.-based clients from Swiss private banking peer Lombard Odier as it seeks to expand its footprint in the region, Vontobel said on Friday.

The move is part of increasing trend among Swiss banks to reestablish ties to American customers years after many financial institutions were hit with hefty fines following disputes with U.S. tax authorities over offshore wealth.

Under the deal Lombard Odier will sell its existing discretionary and advisory wealth management business with U.S-based clients through an asset transfer to Vontobel. The business manages assets of approximately 600 million Swiss francs ($602 million) for international private wealth management clients based in the United States.

In addition Vontobel will take over any of Lombard Odier's U.S.-based brokerage private clients who want to switch to a wealth management or advisory relationship. Lombard Odier manages another roughly 600 million francs through its private brokerage, which is based in Montreal, Canada.

"North America is one of our focus markets in which we intend to achieve above-average growth," said Georg Schubiger, head of Vontobel Wealth Management.

"With the acquisition of Lombard Odier's discretionary and advisory wealth management business with U.S.-based clients, we are supporting our organic growth in this region."

Vontobel said it would complete the deal, which was for an undisclosed sum, from its own funds. It was expected to be completed in the first half of 2019.

© Reuters. FILE PHOTO: Logo of Swiss bank Vontobel is seen in Zurich

($1 = 0.9963 Swiss francs)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.