Bank Vontobel is buying the 40% of TwentyFour Asset Management it doesn’t yet own, the Swiss private bank said on Wednesday, after buying a 60% stake back in 2015.
No price for the remaining stake was given.
The acquisition of TwentyFour Asset Management LLP, a specialist fixed income boutique now with advised client assets of 24.2 billion Swiss francs ($26.27 billion), will have an effect of -200 basis points (bps) on the CET1 capital ratio and will increase return on equity by 200 bps, Vontobel said.
Source: Reuters.com