Dolfin acquires Falcon's UK subsidiary business

Dolfin acquires Falcon's UK subsidiary business

Dolfin has acquired Swiss-based Falcon Private Bank'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. 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 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 will guarantee the same exceptional service for our UK clients."

Denis Nagy, CEO of Dolfin, said: "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."