UBS France has agreed to acquire Banque Leonardo France, the French arm of Italy's Banca Leonardo, for an undisclosed sum.

As part of the deal, the companies will set up a joint venture under the name of La Maison de Gestion.

UBS will hold a majority stake in the joint venture company, which will have about €4bn in assets under management.

The minority stakeholders of the new company include the La Maison investors club, the Dassault family of France, Michel David-Weill.

Banca Leonardo was founded in Milan in 1999. The company was acquired in 2006 and recapitalised by a group of European investors coordinated by Gerardo Braggiotti.