Banca Profilo’s Swiss subsidiary Banque Profil de Gestion (BPDG) has signed a binding agreement for the acquisition of Geneva-based broker and fixed income adviser Dynagest SA.
The operation is expected to increase BDPG’s assets under management to some CHF3bn (€2.5bn) while strengthening its institutional asset management skills, thanks partly to the move of 20 members staff from Dynagest to the private bank.
The transaction is subject to regulatory approval by FINMA – the Luxembourg Financial Services Supervision Commission – and all communications required by the Bank of Italy.
The definite terms of the acquisition will be set up in the coming weeks, the Geneva-based private bank said.
Dynagest’s brokerage margin amounted to CHF 7.2M (€6.02m) as of the end of March 2017.