Vontobel To Acquire UBS's Swiss Financial Advisers Business To Boost Presence In U.S.

(RTTNews) - Swiss private banking and investment management firm, Vontobel Holding AG (VONN), said Thursday that it would buy UBS Swiss Financial Advisers AG or SFA, an arm of UBS AG (UBS), to boost its presence in the U.S.

The financial terms of the transaction, which is expected to be completed in the third quarter of 2022, were not disclosed. The Swiss lender said the transaction is reflective of its confidence in the U.S. market and its ongoing strategic growth efforts in the region.

"Together with SFA's CHF 7.2 billion in assets under management as of September 30, Vontobel, through its SEC licensed entities, is expected to become the largest Swiss-domiciled wealth manager for U.S. clients seeking an account in Switzerland for diversification purposes. The combined pro forma assets under management will more than double to over CHF 10 billion," the company said in a statement. Following the transaction, UBS will continue to refer its clients to SFA, an SEC-registered investment advisor and FINMA-licensed securities firm, which offers the U.S. clients tailored investment solutions in a Swiss-based environment, the company added.