Dolfin acquires business from UK subsidiary of Falcon Private Bank
Dolfin, the independent, London-headquartered wealth management group, and the Swiss-based Falcon Private Bank announced today Dolfin's acquisition of the business of Falcon's UK subsidiary, Falcon Private Wealth Ltd.
Dolfin - which will become an external asset manager to Falcon Private Bank - will broaden its client base and add about $1bn of client assets. This news means these clients will now be able to benefit from Dolfin's diverse range of wealth management solutions, private investment opportunities and other ancillary services such as payment accounts and cards. With a number of Falcon staff expected to transfer to Dolfin, clients will keep their key staff contacts, and retain the same custody and fee arrangements.
Falcon Private Bank CEO Martin Keller stated: "We are focused on the delivery of our strategic priorities. While I regret our withdrawal from the UK market, this is the right step for Falcon to take. I am pleased about this agreement with Dolfin, a highly reputable wealth management firm that will guarantee the same exceptional service for our UK clients."
Denis Nagy, CEO of Dolfin, said: "We are delighted to be announcing this exciting development which provides us with a strong platform for growth and is a further step in the delivery of our objectives. Falcon has a strong client base in the UK and we're proud that we will be able to give them an extended suite of services through our offices in London and Malta - including custody, execution and investment management."
Dolfin's recently appointed Head of Wealth Management, Nick McCall, commented: "As a former CEO of Falcon Private Wealth, I know many of its existing clients well. I look forward to welcoming them to the Dolfin platform."
