Union Bancaire Privée (UBP) has reached an agreement to acquire the assets of Societe Generale’s UK wealth management arm, SG Kleinwort Hambros.
The deal, which also sees the asset manager acquire Societe Generale’s Swiss private banking division, will see the firm’s assets under management grow CHF25bn (£23bn).
UBP’s AUM stood at CHF150.8bn at 20 June 2024. The firm expects the two acquisitions to complete by the end of Q1 2025.
See also: BNP Paribas to buy AXA IM for €5.4bn
UBP’s CEO, Guy de Picciotto, said: “We are extremely pleased to onboard skilled and experienced teams, and are looking forward to providing clients with an even broader range of high-quality investment solutions.
“This acquisition represents a meaningful add-on to UBP’s capabilities in Switzerland and reaffirms our long-term commitment to the UK, which will become a new growth engine for the group.”
