Zuger Kantonalbank acquires Immofonds Asset Management
Zuger Kantonalbank becomes the sole owner of Immofonds Asset Management. Until now, the bank has held just over one-third of the shares in the fund management company.
Zuger Kantonalbank wants to strengthen its involvement in the real estate sector and is buying all the shares in Immofonds Asset Management AG (IFAM) for this purpose. At the beginning of the year, the bank had already increased its stake from 20% to 34.5%, and is now acquiring the remaining 65.5%. One of the sellers is the Schwyzer Kantonalbank SZKB. It previously held a 34.5% stake in IFAM and has decided to sell the shares to Zuger Kantonalbank for strategic reasons. Real estate asset management of a fund is not one of SZKB's core activities, the bank writes in a statement.
According to both IFAM and Zuger Kantonalbank, the fund management company will retain its operational independence and will be run as an independent business unit of the cantonal bank in the future. The current management will remain on board, and all employees will continue to be employed. The company's registered office will also remain in Zurich.
Hanspeter Rhyner, CEO of Zuger Kantonalbank, describes the acquisition as a "milestone in our corporate development". The full acquisition is an important step in the implementation of the bank's long-term growth strategy.
Gabriela Theus, Managing Director of Immofonds Asset Management AG, says she is looking forward to working even more closely with Zuger Kantonalbank. She is convinced that the combined know-how will lead to a strengthening of the offering in the long term.
With its two funds Immofonds and Immofons suburban, IFAM manages total fund assets of 1.9 billion CHF with a development pipeline of a further 700 million CHF. Immofonds is considered one of the largest and oldest real estate funds in Switzerland. At the end of 2021, IFAM brought Immofonds suburban to the market. (ah)
