Zurich-headquartered Vontobel Asset Management is to acquire Vescore – formerly known as Notenstein Asset Management and a subsidiary of Austrian bank Raiffeisen.
Vescore provides advisory and investment services to institutions and has assets of 16 billion Swiss francs (€14.7 billion) under management.
The purchase, which remains subject to regulatory approval, is expected to be finalised in the third quarter of this year. A spokesperson for Vontobel said the sale would help the firm expand its presence in the German institutional market.
The move is part of a wider partnership between Vontobel and Raiffeisen, which will see Vontobel develop and manage products, and Raiffeisen providing services and advice to clients.
Vontobel has acquired majority stakes in a number of smaller investment operations in recent years. In March 2015, the firm acquired a 60% stake in TwentyFour Asset Management.
At December 31, 2015, Vontobel had assets of 187 billion Swiss francs under management.
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