Banque Heritage has agreed to buy an independent wealth manager based in its neighborhood, maintaining an expansionary strategy following two takeovers in 2015.
Banque Heritage, a private bank based in Geneva, said it acquired a majority stake in Meridian Wealth Management, a wealth manager with headquarters in Lausanne, half an hour from Geneva along the shores of the lake.
The bank wants to buy further small independent wealth managers, who are too small to survive in a more tightly regulated environment, said «financecorner.ch», a financial news Website from French-speaking Switzerland.
Standard Chartered, Hottinger, Meridian
Meridian Wealth Management is taking 80 million francs in assets under management and 3 employees to Heritage, which today manages some 6 billion francs.
Heritage has actively participated in the consolidation taking place in Swiss banking in the past year. The bank assumed 2 billion francs in assets under management from Standard Chartered Suisse and 1.5 billion from bankrupt Banque Hottinger.
