German investment manager FERI has snapped asset manager Limmat Wealth to further bolster its presence in Switzerland.
Financial details of the transaction have not been disclosed.
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Limmat has nearly 25 years of experience in servicing both Swiss and foreign private clients in Zurich.
FERI president of the board of directors Antje Biber said: “Switzerland is an important market for FERI. We are very pleased that as a joint team with Limmat Wealth AG we can now expand our location even further.
“Our clients will also benefit from the many years of experience of our colleagues and the excellent networking on the Swiss market. The goal is continuous client and asset growth.”
The merger with FERI will enable Limmat to offer a wide range of investment management and family office solutions.
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By GlobalDataAdditionally, it is expected to bolster the firm’s sustainable investment approaches, investments in funds as well as alternative investments.
Limmat Wealth founding partner and chairman of the board of directors Dr. Maurizio Genoni said: “The merger with FERI allows us to be optimally positioned for the future. Our clients will gain access to exclusive investment concepts and additional asset classes.”
As part of the deal, Limmat will initially continue to operate under its current name and will merge with FERI later.
The joint location in Zurich will have 23 staffs, catering to over 200 institutional and private clients.
Recent development in Swiss wealth arena
Last month, reports suggested that Swiss investment bank UBS is planning to shutter 44 of its 239 branches in Switzerland in a bid to focus on digital channels.
The same month, Beleaguered Swiss asset manager GAM, in a strategic step, expanded its Nordic footprint by setting up an office in Copenhagen.
In December last year, Rothschild & Co Bank, the wealth management subsidiary of Rothschild & Co, agreed to purchase Geneva-based private bank Banque Pâris Bertrand.
