Swiss investment boutiqueProgressive Capital has agreed to acquire Vontobel Asset Management's Alternative Fund Solutions unit.
Further to an existing mandate and a fund solution, their current team of four specialists will be joining Progressive Capital. More than 80% of the assets under management within this unit originate from pension funds. The team of experienced alternative investment specialists have been developing investment solutions for institutional clients such as pension funds, insurance companies, trusts, and family offices for years.
Ilario Scasascia will head the Customised Solutions units, which will commence its business on 1 December 2019. Non-disclosure of further transaction details has been agreed upon.
Thomas Kummer, CEO Progressive Capital, said, "Progressive Capital has strategically positioned itself over the past years to service the needs of institutional investors. Thus, the opportunity to acquire Alternative Fund Solutions business from Vontobel Asset Management came at an ideal point in time. This transaction allows us to further expand our services to institutional clients. We are proud to be entrusted with another substantial pension fund mandate and are looking forward to welcoming the team in our offices in Baar, Switzerland, soon."