Swiss wealth manager Vontobel is hunting the UK market to acquire a multi-asset investment boutique to replicate success of Gars, a Standard Life’s multi-asset fund.
The Zurich-based firm, whose assets under management are up by almost 10% to CHF108 billion (US$120 billion) in the first half of the year, wishes to buy a multi-asset house, provided that the right opportunity arises at a reasonable price.
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Zeno Staub, CEO of Vontobel, told Financial Times that he considers the UK is leading the way in terms of multi-asset investing and accords the company is actively seeking opportunities.
Staub said: "Finding the right deals is obviously not easy. However, we will also pursue our own organic plans in terms of multi-asset investing and won’t be too devastated if the right external opportunities don’t come about."
Standard Life’s Gars unit trust has received bumper sales since it was launched in 2008, with assets under management standing at £18.3 billion. The fund has returned 6.6% in the 12 months to the end of June this year.
"Gars has shown the way in terms of what can be achieved when it comes to asset growth. We would love to replicate some of that success," Staub added.
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By GlobalDataThe Swiss firm’s asset management unit has doubled its profits to CHF75.5 million in 2012, after attracting CHF8.2 billion in new money.
Staub added that the contribution of its private banking and asset management business to the group’s net profits has nearly doubled in a couple of years, up from 33% to 65%.
