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Vontobel acquires UBS SFA business with 7.2 billion Sfr in assets – Metro US

Vontobel acquires UBS SFA business with 7.2 billion Sfr in assets

Logo of Swiss private bank Vontobel is seen in Zurich
Logo of Swiss private bank Vontobel is seen in Zurich

ZURICH (Reuters) – Swiss bank Vontobel said on Thursday it signed an agreement to purchase UBS Swiss Financial Advisers AG (SFA), a Zurich-based subsidiary of UBS AG, to boost its wealth management business for U.S. clients.

Vontobel said in a statement SFA had 7.2 billion Swiss francs ($7.78 billion) in assets under management as of Sept. 30. No additional financial details were disclosed.

($1 = 0.9250 Swiss francs)

(Reporting by Silke Koltrowitz; Editing by Michael Shields)

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