Vontobel Asset Management, the boutique manager of Swiss private bank Vontobel, is expanding by taking a stake in the UK's TwentyFour Asset Management and the possible takeover of a German firm.
Earlier this week, Vontobel said it had acquired a 60% stake in TwentyFour, an independent fixed income specialist, which will strengthen Vontobel’s presence in the UK market and extend its fixed income product offering.
Vontobel also confirms today that it “currently entertains” talks with The Bank of New York Mellon about a possible takeover of Meriten Investment Management, an asset manager in Germany.
Vontobel and TwentyFour will have about 17 billion Swiss francs (€16.2 billion) of total fixed income assets under management.
Established in 2008 and based in London, TwentyFour is owned by ten partners and has around £4.4 billion (€6 billion) in assets under management. Its partners will continue to manage the firm’s day-to-day operations and retain authority over investment decisions.
Vontobel has not disclosed a price for the acquisition.
Axel Schwarzer, head of Vontobel Asset Management and member of the group executive management, says: "The acquisition will set a strong foundation for Vontobel Asset Management’s further growth in the UK, which is one of the most important asset management markets in the world and accelerates the international growth of our business."
The TwentyFour transaction is expected to close in the second quarter of 2015, subject to regulatory approval.
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