Progressive Capital Partners has agreed to purchase the alternative fund solutions unit of Vontobel Asset Management for an undisclosed sum.
The Vontobel unit develops investment solutions for pension funds, family offices, insurance companies and trusts, among others.
The acquisition of the business is expected to increase Progressive Capital’s assets under management to $830m.
Upon deal completion, four Vontobel personnel will move to Progressive Capital.
This includes Ilario Scasascia, who currently serves as the head of alternatives and multi-manager solutions. At Progressive Capital, Scasascia will be in charge of the “Customized Solutions” unit effective 1 December 2019.
Scasascia noted: “The demand of Swiss pension funds for professionally managed Alternative Solutions continues to be strong.
“As part of Progressive Capital, we will be able to provide the infrastructure which can satisfy even the most sophisticated institutional investor requirements.”
Progressive Capital CEO Thomas Kummer said: “Progressive Capital has strategically positioned itself over the past years to service the needs of institutional investors. Thus, the opportunity to acquire the ‘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.”
The latest deal comes amidst an overhaul at Vontobel Asset Management, which involved the merger of its multi asset class capabilities and Vescore to launch a new multi asset boutique. The new CHF40bn entity will be led by Daniel Seiler.