Important milestone reached in deepening of partnership with Raiffeisen

The Agreement on deepening of partnership with Raiffeisen has been signed today. At the same time the closing of Vescore AG acquisition has been completed.

 

On 20 September 2016, Vontobel and Raiffeisen signed an agreement concerning the deepening of their partnership in the area of asset management that will extend into the next decade. The closing of the Vescore AG acquisition was completed at the same time and ahead of schedule.

 

At the end of June, Vontobel and Raiffeisen agreed to redefine and strengthen their partnership in the area of asset management. As part of this process, Vontobel acquired Raiffeisen’s asset management subsidiary Vescore AG. Vescore’s Quantitative Investments and Sustainable Investments businesses ideally complement Vontobel Asset Management’s successful international boutique model and will enable Vontobel Asset Management to strengthen its presence in its Swiss home market as well as in the institutional business in its focus market of Germany.

 

The acquisition was financed entirely out of Vontobel’s own funds. The Vescore business should be run profitably by 2018, after the restructuring and realignment have been carried out. During this process, Vescore’s Quantitative Investments and Sustainable Investments businesses will be focused on three locations – Basel, Munich and Zurich.

 

“With Vescore’s Quantitative Investments and Sustainable Investments boutiques, we can build very effectively on the strong organic growth that we have achieved to date. Furthermore, the rapid implementation of the Vescore acquisition underscores once again – as in the case of TwentyFour Asset Management and Finter – that Vontobel is skilled at carrying out such transactions. In particular, we are pleased to be moving ahead with the deeper collaboration that we have agreed with Raiffeisen in the investment business, which will extend into the next decade and will benefit clients and both companies, Raiffeisen and Vontobel,” stated Zeno Staub, CEO of Vontobel.

 

“Vontobel Asset Management’s successful international platform will provide both boutiques with strong new growth momentum. Following the closing of the transaction, which was achieved ahead of schedule, our goal is to now move ahead swiftly with the legal integration, which we aim to largely complete by the end of the year. We will thus be able to offer our clients around the globe and our Swiss partner Raiffeisen a broader range of services,” commented Axel Schwarzer, Head of Vontobel Asset Management.



Contacts

Media Relations:	Peter Dietlmaier	+41 58 283 59 30
	Rebeca Garcia	+41 58 283 76 69
Investor Relations:	Michel Roserens	+41 58 283 76 97
	Susanne Borer	+41 58 283 73 29

 

 

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