Swiss asset and wealth manager Vontobel has agreed to acquire a non-strategic Eastern European asset management portfolio from Notenstein La Roche Private Bank.
Swiss private bank Notenstein said that the deal is part of its plan to focus more on its home market and selected international market. The financial terms of the transaction were not disclosed.
The portfolio to be acquired manages nearly CHF2bn ($2.1bn) in assets, which will now move to Vontobel’s Swiss booking platform.
Bulk of the team managing the portfolio will join the existing Central & Eastern Europe team of Vontobel as part of the deal.
The deal, funded through equity, is expected to be completed in the coming weeks.
Vontobel Private Banking head and member of the executive board said: “The Eastern European portfolio perfectly complements our organic growth in the region. It strengthens our commitment to grow steadily in our home market and our focus markets.
“In addition, it improves our position in a region where we already have strong capabilities.”