Swiss private bank Union Bancaire Privée (UBP) has agreed to acquire ACPI Investments (ACPI), a London-based wealth manager, and ACPI IM’s Jersey operations. Financial terms of the deal were not divulged.

ACPI was established by Alok Oberoi in 2001. The business provides fixed income, equities, alternative investments and wealth management services for private and institutional investors and manages nearly £2bn in assets.

Through the takeover of ACPI, UBP aims to strengthen its presence in London that serves as its strategic booking centre. The Swiss bank has been operating in the city since a period of almost 30 years.

UBP CEO Guy de Picciotto said: “This acquisition reaffirms our long-term commitment to the UK and our intention to continue broadening our footprint in this pivotal market. London remains a hub for international investors, as well as for UBP which provides both foreign and UK-based clients with innovative solutions.”

The deal is expected to be wrapped up in the fourth quarter of this year, subject to regulatory nod.

Meanwhile, the bank reported a net profit of CHF115.3m for the first half of 2018, up 5% compared to CHF109.5m a year ago.

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Operating revenues for the half year ended 30 June 2018 were CHF540m, a 6% rise from CHF509.6m in the same period last year. Operating expenses increased 5% year-on-year to CHF341bn.

Assets under management at the end of June 2018 totalled CHF128.4bn, versus CHF118.9bn last year. The bank’s Tier 1 capital ratio stood at 28.2%.

“These results reflect our teams’ dynamism and our ability to meet clients’ expectations in a more difficult market environment. We continue to invest in our priority markets, as well as expanding our offering of innovative solutions to private and institutional clients,” Picciotto noted.