Switzerland’s Banque Heritagesaid on Monday it had taken a majority stake in Lausanne,Switzerland-based asset manager Meridian Wealth Management.
There will be further consolidation in Switzerland’s banking industry now that most banks have reached settlements with U.S. authorities over alleged tax evasion by some clients, Julius Baer Chief Executive Boris Collardi said on Thursday.
Swiss private banks and wealth managers are worried about Switzerland’s ongoing issues with the European Union.
Pension fund cites negative impact of emerging market exposure
The deal, completed for an undisclosed sum, will see a team of three and their client book move over, bolstering Bellecapital’s fledgling London office.