UBS UBS Group AG

   By Cristina Roca 
 

Vontobel Holding AG has signed an agreement to buy UBS Group AG's Swiss Financial Advisers business for an undisclosed sum, it said Thursday.

SFA serves U.S. clients seeking investment solutions in Switzerland, and had 7.2 billion Swiss francs ($7.79 billion) in assets under management as of Sept. 30.

The Swiss asset-management company said it will combine SFA with its existing business that caters to North American wealth-management clients, and expects their combined pro forma assets under management to be higher than CHF10 billion. The move is part of its strategy to grow in the U.S., it said.

UBS will continue to refer its clients to SFA following the transaction.

"This acquisition not only ensures UBS's U.S. clients continue to have access to a Swiss-based money-management firm, but it also simplifies our business structure and enables us to focus on core activities with scale in line with our strategic priorities," UBS said.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

December 16, 2021 03:11 ET (08:11 GMT)

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