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UBS acquires Dutch wealth manager

Swiss banking giant UBS on Tuesday announced an agreement to acquire the privately owned Dutch wealth manager, VermogensGroep.

The closing of the transaction remained subject to regulatory approval, the company said. Financial details were not disclosed.

VermogensGroep manages client assets of approximately €4 billion (SFr6.49 billion), with an additional €10 billion assets under administration.

It specialises in serving ultra-high net worth private clients, foundations and institutions.

VermogensGroep employs 38 people in Amsterdam. UBS Global Asset Management and UBS Investment Bank have been present in the Netherlands since 1992 and currently employ 33 people.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR