Bank J. Safra Sarasin has agreed to acquire Morgan Stanley’s Swiss private banking business. The agreement includes qualifying clients and their relationship management teams related to ultra high net worth (UHNW) clients across the Latin American and EMEA regions.
The acquisition, whose financial terms have not been disclosed, is expected to be completed at the beginning of 2015, subject to regulatory clearance.
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Jacob J. Safra, vice chairman, said: "Having successfully integrated the operations of Safra and Sarasin, we are determined to play a leading role in the consolidation of the Swiss private banking market. The Morgan Stanley business is an excellent fit with our strategic focus on providing tailor made solutions to UHNW clients."
As previously reported by PBI, Morgan Stanley had been looking to sell their Swiss private banking business, which manages approximately $11.28 billion in assets, since March of this year.
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