SWISS fund manager Vontobel Asset Management yesterday bought a 60 per cent stake in fixed-income boutique TwentyFour Asset Management.
Vontobel, which has 191bn Swiss francs (£135bn) under management, has acquired a majority stake in the London-based firm as part of its strategy to boost its presence in the UK and extend its fixed-income business. Vontobel intends to buy the outstanding 40 per cent over the longer term.
TwentyFour’s global reach will also be extended through Vontobel’s distribution network.
TwentyFour, which is owned by 10 partners, was formed in 2008 and has attracted £4.4bn in assets under management across a range of public funds and segregated accounts. Between them, the pair will control around SFr17bn in fixed-income assets.
“The transaction strengthens Vontobel’s presence in the UK market, extends its fixed income product offering and underlines its commitment to broaden its asset management business through targeted investments,” Vontobel said in a statement. However, it did not disclose a price for the deal.
Vontobel chief executive Zeno Staub said the purchase would not harm the bank’s capital position, which currently exceeds minimum regulatory requirements.
“After this transaction, Vontobel will remain very well and very solidly capitalised and we are in a completely strong position to contemplate further moves and steps,” Staub said in a media call.
In a separate statement, the bank said it was in talks with Bank of New York Mellon about a possible takeover of Germany-based Meriten Investment Management.
Meriten managed around €24.5bn (£18bn) at the end of 2014.