Zurich-based investment firm Twelve Capital will assume the investment management function of the insurance-linked securities (ILS) business of the Swiss wealth management boutique Falcon Private Bank.
The move will primarily affect investment funds domiciled and regulated in Luxembourg and Switzerland.
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With this collaboration and the integration of the existing management team, Twelve Capital will guarantee continuity for existing Falcon Private Bank clients and ensure that the ILS activities are optimally integrated into Twelve Capital’s core business.
Both parties have agreed not to comment on the details of the transaction, which is subject to approval by the supervisory authorities in Switzerland and Luxembourg.
Founded in 2010, Twelve Capital reported US$1 billion assets under management at the beginning of 2013. With this current expansion, it now brings the company close to the US$2 billion mark.
"This solution offers our longstanding clients and our experienced fund management team continuity, innovation potential and interesting growth opportunities," said Eduardo Leemann, chief executive officer of Falcon Private Bank.
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