Vaduz-based Liechtensteinische Landesbank has purchased Zurich LB (Swiss) Investment, the bank has announced.
The purchase will be complete in the second quarter of 2018 with the company’s name changing into LLB Swiss Investment. The price of the acquisition is approximately CHF 30 million.
Prior to being acquired by the Liechtenstein bank the fund firm was a wholly owned subsidiary of the Frankfurter Bankgesellschaft (Switzerland), whose funds will continue to be administered by LLB Swiss Investment after the acquisition.
Natalie Epp, head of the institutional clients division of the LLB Group, will become the chairman of the board of directors that also includes Bruno Schranz and Hans Stamm, both from LLB Group.
Marcel Weiss, CEO of the Zurich fund firm, and Ferdinand Buholzer, head of compliance and risk, will remain in the management.
The future LLB Swiss Investment has 11 employees and managed 51 funds with CHF 4.9 billion assets under management.
This acquisition is part of the bank’s expansion strategy called StepUp2020, part of which is the geographical expansion of the fund business.
This follows the acquisition of the Austrian firm Semper Constantia, which has 30 years of experience in the fund business.
Following the acquisitions the fund capabilities of the LLB Group will now be managed from Liechtenstein, Austria and Switzerland.
As it stands LLB group has around 100 employees working in the fund business and manages approximately CHF 32 billion.