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August 31, 2021updated 25 Feb 2022 6:28am

Swiss wealth managers Pleion and Probus agree to merge

By Johney Amala

Geneva-based wealth managers Pleion and Probus have filed a request for authorisation to proceed with their merger.

The transaction is subject to the approval of FINMA and other competent regulators.

Pleion CEO Patrick Héritier will head the management of the new entity in Switzerland.

Established in 1980, Pleion focuses on certain asset classes, an IT infrastructure and in-house development of proprietary applications.

The firm operates six offices in Switzerland.

Founded in 1984, Probus specialises in emerging markets, fund management and private structuring.

It has entities in Dubai, Moscow and Bangkok in addition to its headquarters in Geneva.

The new group’s clients will benefit from a spectrum of investment solutions from the outset, the companies said in a joint statement.

The new entity

The combined entity will have CHF4bn of assets under management and 200 employees globally, including 60 in Switzerland.

It will have six offices in Switzerland in Geneva, Bern, Nyon, Sion, Verbier and Zurich and international presence in Dubai, Bangkok, Mauritius, Luxembourg, Monaco and Moscow through group entities.

As part of the transaction, Probus will become the umbrella company of the two groups and will bring together the entities at a global level.

These include the merger of Pleion’s Swiss wealth management arm, which will absorb Probus Compagnie, the consulting company Probus Advisory and Probus Trustees.

Latest deal in Swiss wealth management space

The wealth management space in Switzerland has been rampant with consolidation activities of late.

Most recently, Apex Group agreed to buy ARM Swiss Representatives, which offers Swiss Representation and Distribution services to foreign fund managers.

In June this year, Geneva-based UBP agreed to purchase Millennium Banque Privée – BCP (Suisse), a Swiss private bank fully owned by Banco Comercial Português BCP.

In December 2020, Asteria Investment Managers, the impact investing affiliate of REYL & Cie, forged a strategic alliance with Swiss impact private asset manager Obviam to form a ‘prominent player’ in the impact investing space.

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