Vontobel said it is transferring its Liechtenstein operation, together with the local booking platform, to the established wealth manager Kaiser Partner Privatbank.
This was confirmed in a statement which also states that both companies will cooperate closely in the securities business in the future.
The company said it is systematically pursuing a strategy which – in Wealth Management – places an emphasis on client-centric active wealth advisory and portfolio management. The decision to focus on its Swiss platform as well as on its German platform, which Vontobel uses to conduct a range of European market activities, will reduce complexity, increase operational efficiency and have a positive impact on the gross margin in Wealth Management. In addition, its cooperation with Kaiser Partner Privatbank in the area of securities settlement will generate additional revenues and economies of scale.
“We have found the ideal buyer with Kaiser Partner – a company with local roots and a first-class reputation, as well as many years of experience in this market. This will ensure the best possible continuity for clients as well as an excellent level of service and advice,” commented Zeno Staub, CEO of Vontobel. “We want to focus even more intensively on client needs and we are therefore further sharpening our cross-border strategy and reducing complexity. With our German subsidiary, we also have the right strategic positioning to access the European market.”
Kaiser Partner Privatbank is the multi-award-winning Liechtenstein private bank within Kaiser Partner Group. It is family owned, and Fritz Kaiser is one of the leading figures in responsible, sustainable investing. The private bank’s success in recent years validates its strategy of putting client needs at the centre of its activities, rather than pursuing growth and profitability at any price. The bank believes that Liechtenstein will continue to offer clear advantages for clients in the future.
“We are delighted that we will be able to look after Vontobel’s clients in Liechtenstein. Vontobel and Kaiser Partner share very similar values, and we believe we will be a good partner to these clients. We aim to provide continuity and exceptional service for each individual client. With this acquisition, we are taking an important step forward in the growth of our business and we are gaining Vontobel as a new partner in the international securities business,” stated Fritz Kaiser, owner and Chairman of the Board of Directors of Kaiser Partner.
The transaction is expected to close in the first quarter of 2018, subject to regulatory approval being granted. Both parties have agreed not to disclose the purchase price. In the course of the transaction, the entire client portfolio, with CHF 1.4 billion of assets under management as of the end of October 2017, as well as around 15 employees will be transferred to Kaiser Partner.