Italian asset manager Banca Generali has made a binding offer for the acquisition of 90.1% of Swiss wealth manager Valeur Fiduciaria.
Valeur Fiduciaria, a private banking boutique based in Lugano (Switzerland), was founded in 2009 and managed CHF1.32bn in assets as of the end of June 2018.
The acquisition, which forms part of Banca Generali’s global expansion plans for the 2019- 2021 period, “reflects the firm’s goal of growing on markets favourable to the private advisory industry such as Switzerland, which also benefit from the changed market and regulatory scenario,”Generali said.
Banca Generali’s Chief Executive Officer and general manager Gian Maria Mossa said: “We are entering a new phase of our development through a series of strategic actions. These will allow us to further consolidate our distinctive positioning as a private bank by reaching important new business expansion and profitability objectives.
“We have confidence in the validity of our business model, which are focused on the role of the private banker and is aiming at protecting and growing wealth through our improved line-up of investment solutions and new wealth management services.
“The launch of our international expansion and our focus on technology are strengthening our leadership and opportunities in the sector.“
The transaction, whose legal terms have not been disclosed yet, is still subject to regulatory approval.