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December 20, 2021

Quintet signs referral deal with PKB for Swiss clients

By Verdict Staff

Luxembourg-headquartered wealth manager Quintet Private Bank has agreed to refer the clients of its Switzerland unit to Lugano-based banking group PKB.

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The pact follows Quintet’s decision to wind down its Swiss operations after its non-core startup business in the country has been hampered by the global pandemic.

The referral partnership agreement will enable Quintet’s current private banking clients to transfer their assets to PKB.

PKB said in a statement: “As boutique, independent and privately-owned private banking specialists, PKB and Quintet Group share a common set of values and a similar strategic vision of serving their clients.

“The agreement further proves PKB’s commitment to strengthening its local presence in Zurich, a core market since the Bank’s early establishment in 1958.”

Quintet entered the Swiss market in May last year, following the acquisition of Zurich-based Bank am Bellevue.

Its Swiss unit was said to employee 87 staff and manages €1.85bn in client assets in the country.

The decision to shutter the Swiss unit was taken after the firm realised it would take longer than expected for the unit to achieve profitability and would require more human resources, energy and capital.

At the time, Quintet said that its plans to shutter the Swiss unit will not impact the activities, clients, and staffs in its other European markets and the UK, where it plans to invest further.

Quintet Group CEO Jakob Stott said at the time: “Our existing core European and UK businesses are even more strongly positioned for the future following the merger of our EU-based subsidiaries and came through the pandemic very well. Consequently, we see clear opportunities to invest further and grow our core franchise.

“We have reviewed our growth strategy and re-examined our priorities in that light, looking ahead to the post-pandemic world.”

Quintet, which was formerly known as KBL epb, operates across 50 European cities.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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