Vaduz-based Liechtensteinische Landesbank (LLB) has agreed to purchase 100% of the share capital of LB (Swiss) Investment, a Zurich-based fund provider, in a deal worth around CHF30m.
LB (Swiss) Investment provides fund management, compliance and risk management to asset managers, family offices and other financial services providers. The firm employs 11 staff and managed 51 funds with CHF4.9bn in assets at the end of December 2017.
The transaction is expected to close in the second quarter of 2018, subject to regulatory nod. The acquired entity will be rebranded as LLB Swiss Investment AG upon deal completion.
LLB Group head of the institutional clients division Natalie Epp has been appointed as chairman of the board of the directors of the combined entity. He will be joined by board members Bruno Schranz and Hans Stamm, while Marcel Weiss and Ferdinand Buholzer will continue to manage the firm.
LLB group CEO Roland Matt said: “The acquisition is a further important step in the implementation of our StepUp2020 strategy, which focuses on sustained profitable growth.
“The purchase will provide us with access to the Swiss fund market. This will allow the LLB Group to realise its strategic goal of geographically expanding and developing the fund business with its preferred partner.”
The latest deal aligns with LLB’s strategy to expand its fund operations across Liechtenstein, Austria and Switzerland. It comes shortly after LLB’s announcement to acquire Semper Constantia Privatbank, a Vienna-based private bank, for around €185m.
LLB employs nearly 100 staff in the fund business and oversees around CHF32bn in assets.