Swiss Bank ZKB to Acquire Asset Manager Swisscanto

December 15, 2014

Switzerland’s Zuercher Kantonalbank plans to acquire asset manager Swisscanto Group for CHF 360.3 million.


In a joint press release dated December 11, 2014, Switzerland’s Zuercher Kantonalbank (“ZKB”) and Swisscanto Group (“Swisscanto”) announced their agreement to effectuate the acquisition of Swisscanto by ZKB for CHF 360.3 million. The transaction will have retroactive effect from July 1, 2014, and will create Switzerland’s largest asset manager with CHF 105 billion in assets under management.  

ZKB, one of Switzerland’s 24 cantonal banks, has approximately CHF 52 billion in assets under management. The bank offers passive, theme-based and active mutual funds and funds for institutional investors. Swisscanto is a leading investment fund provider, asset manager, and occupational and private pension service provider. It was founded jointly by the cantonal banks in 1993 and has approximately CHF 53 billion in assets under management.

Consideration for the transaction includes payment by ZKB of a fixed purchase price of CHF 360.3 million to acquire 81.9% of Swisscanto shares.

The transaction is expected to close in the first quarter of 2015 and is subject to approvals by Swiss and foreign authorities.

To view the press release, please click here.


Categories

Investment Manager M&A, Mutual Fund M&A, Transactions