Bahrain-based alternative investment manager Investcorp has acquired a strategic minority stake in Swiss private bank Banque Pâris Bertrand Sturdza.
Financial terms of the deal or the size of the stake were not revealed. The deal already secured the green light from financial regulators in Switzerland and Luxembourg.
Based in Geneva and Luxembourg, Banque Pâris Bertrand Sturdza offers customised investment solutions to more than 400 HNWIs, family offices and institutional clients.
Since its inception in 2009, the private bank has increased its assets at an average rate of 35% per annum to CHF5.3bn ($5.4bn) at the end of June 2018.
Investcorp reported $22.6bn in assets under management (AuM) at the end of June 2018. The latest deal forms part of its plan to increase its AuM to $50bn over the medium term.
The acquired entity will now be rebranded as Banque Pâris Bertrand (PB). The bank will also retain its operational independence.
Investcorp executive chairman Mohammed Alardhi said: “Investcorp, which benefits from 35 years of direct investments in Europe and the US, has developed a specialist expertise in private equity, real estate and alternative investments, which perfectly complements the offering of PB.
“Investcorp brings unique access to one of the most attractive investor bases for private and institutional investors. The synergies between the two institutions will therefore be significant, and should be mutually beneficial for both parties.”
PB co-founding partners Pierre Pâris and Olivier Bertrand added: “We are excited to welcome our new partners, who, without doubt, will contribute to the Bank’s development across multiple markets, strengthening our global reputation.”