Hyposwiss Private Bank Geneva has signed a deal to acquire all private and institutional clients from Geneva group Compagnie Privée de Conseils et d’Investissements (CPCI).
The private banking firm purchased the client book for an undisclosed sum, in its second acquisition of the year after announcing the acquisition of Zurich wealth manager Fimanor Financial Management in July 2017.
The latest deal with independent asset manager CPCI enables the Geneva private bank to access a new network of high net worth clients and raises its consolidated assets under management to CHF 5 billion.
As part of the agreement, CPCI will transfer CHF 700 million in assets under management of its clients to Hyposwiss and all staff in charge of the assets will be integrated into the firm. The assets under management are primarily from Switzerland and the Middle East.
In total, the wealth manager CPCI manages CHF 700 million and was first established in 2010. The group is a continuation of ATAG Asset Management, which was set up in Basel in 1997 and was sold by the sole shareholder, the cantonal bank of Basel.
The acquisition is subject to regulatory approval and the transfer will be made after the acquisition of Fimanor has been finalised.
As part of the deal, CPCI CEO Nabil Jean Sab will join Hyposwiss’s board of directors.
On the year’s deals, Hyposwiss CEO Niels Bom Oleson said: ‘Thanks to the unity and complementarity of its partners and collaborators, our group maintains its long tradition of know-how serving the international clients through high quality standards, always in an active relationship of trust, personalized and respectful of the private sphere.’
Second deal of the year
This recent purchase is the latest deal in a period of consolidation for HypoSwiss, which has both made acquisitions and has been acquired.
In July 2017, Hyposwiss purchased Fimanor, raising its consolidated assets under management to CHF 4 billion.
The firm, which has offices in Geneva and Zurich, purchased client assets from IDB (Swiss) Bank last year.
In 2014, Hyposwiss was acquired by Geneva investment office Mirelis InvesTrust and the two firms merged.
Mirelis became a subsidiary and a holding company, continuing its activities under the name Hyposwiss Private Bank Geneva.