Vontobel acquires asset manager Vescore
The Raiffeisen Group and Bank Vontobel are reorganizing their cooperation in asset management. As part of this, Vontobel is taking over the former Raiffeisen subsidiary Vescore AG.
Raiffeisen and Vontobel wrote in a joint press release that the background to the reorganization is increasing customer requirements in terms of service and product offerings.
In future, Raiffeisen intends to concentrate on client support and advice in the investment business and further expand these areas. Vontobel will focus on product development and management.
Vontobel Asset Management expects the acquisition of Vescore to strengthen its presence in its home market of Switzerland and in the institutional business in its focus market of Germany.
Vescore AG is active in the areas of sustainable investments, quantitative investments and fundamental equity strategies. The company is headquartered in St. Gallen and has offices in Basel, Munich, Lausanne, Riga, Vienna and Zurich. It manages a total of CHF 15 billion in client assets.
The acquisition of Vescore will be financed entirely from Vontobel's own funds and is expected to be profitable from 2018 following integration. The parties have agreed not to disclose the purchase price. (ah)
