Swiss asset manager Vontobel has concluded the acquisition of Lombard Odier US-based private clients portfolio.

The US clients will be serviced through Vontobel Swiss Wealth Advisors (VSWA), a subsidiary of Vontobel with client relationship management teams in New York, Geneva and Zurich.

The deal adds over CHF730m in assets to Vontobel’s books.

Under the agreement, VSWA took over Lombard Odier’s wealth management clients as well as brokerage private clients who wanted to switch from their former brokerage mandate.

Currently, Vontobel oversees nearly CHF4.5bn in assets for North American Wealth Management customers.

As part of the deal, two Lombard Odier relationship managers have joined VSWA.

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Moreover, the two parties inked a agreement that will enable Lombard Odier to recommend VSWA as the preferred partner for US private clients looking for a SEC-registered Swiss wealth management solution.

Commenting on the transaction, Vontobel Wealth Management head Georg Schubiger said: “The positive responses from clients in recent months are confirmation that the acquisition of the US-based private clients portfolio from Lombard Odier is the right decision.

“We are especially pleased that many former brokerage clients have decided in favour of the investment advisory offering and expertise of an internationally active Swiss wealth manager.”

The deal was first announced last October.