Dolfin has wrapped up the acquisition of Falcon Private Wealth, the UK unit of Switzerland’s Falcon Private Bank.
The deal, announced in February 2019, marks Falcon’s departure from the UK.
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It adds $800m in assets to Dolfin’s books, increasing the firm’s total assets to more than $3bn.
The acquisition also boosts the firm’s wealth management client base by nearly 300.
A total of 14 Falcon employees, including senior wealth managers, have moved to Dolfin as part of the deal.
Dolfin CEO Denis Nagy said: “The successful completion of this deal is important for two reasons.
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By GlobalData“Firstly, it adds scale in terms of high-quality clients and wealth managers, in line with our international and emerging market strategy.
“Secondly, it demonstrates the huge appeal of our platform to demanding private clients and their advisers from many different parts of the world and – crucially – that, after six years in business, we have the management and execution capability to take on substantial new business despite the operational complexity involved.”
According to Nagy, the takeover establishes Dolfin’s position as “one of London’s fastest-growing wealth management platforms”.
In the last couple of years, Falcon has been under scrutiny for its involvement in the 1MDB money laundering scandal in Malaysia.
The bank overhauled its management line-up in the wake of the scandal and lost its Singapore licence.
In September 2017, Falcon appointed Martin Keller as its new CEO.
This February, it named Xavier Clavel as the new global head of products and investments.
