Zurich-headquartered asset manager Vontobel has announced the closing of the purchase of Vescore from Raiffeisen.
In addition, the company said it will sell three Vescore’s asset management subsidiaries : Ceams Holding AG, Vescore Fondsleitung Ltd and 1741 Fund Management Ltd.
Ceams AG, specialised in quality investments, is being sold to the two Ceams managers Diego Föllmi and Dmitry Baulin as well as Andreas Mattig from Hérens Partners.
It has offices in Meilen and Riga and tallies around 20 employees.
The two other asset managers Vescore Fondsleitung Ltd and 1741 Fund Management Ltd are being sold in a management buy out.
Vescore Fondsleitung Ltd and 1741 Fund Management Ltd have around 15 employees. They are headquartered in St. Gallen and in Vaduz, Liechtenstein, respectively.
Both transactions are subject to regulatory approval and are expected to close in Q4 2016.
No financial details of the transactions were disclosed.
“It was important to us that the new owners can ensure continuity for the clients and employees of the Vescore subsidiaries,” stated Christoph Ledergerber, Head of Integration at Vontobel Asset Management.