Union Bancaire Privée (UBP) is set to buy ACPI, a wealth manager which operates in the UK and Jersey, with the transaction expected to go through in the fourth quarter.
ACPI was founded in 2001 by former Goldman Sachs partners Joseph Sassoon and Alok Oberoi, and has 70 employees.
The business, which has around £2bn in assets, is now run by Brett Lankester, also former Goldmans Sachs, where he served as managing director of its UK private wealth division.
“ACPI are delighted to have joined with a firm of UBP’s credibility and capability who, as a family-owned business, have a similar ethos to ours and share our long-term vision. Brett Lankester, our CEO, and I are genuinely excited by the opportunities this agreement brings to our people and our clients,” ACPI’s founder Okeroi said in a statement.
UBP, which has around £107bn in assets under management, will merge ACPI with its UK business.
The move by a Swiss private bank to acquire a London-based firm reflects the growing unease with the possibility of City of London rivalling Geneva post Brexit in the competition for offshore money from European and Middle Eastern clients.
Rival Swiss companies Julius Baer and Lombard Odier have already increased their presence in the UK while UBS, Credit Suisse and Pictet all plan to do so in the future.