Luxembourg-based private banker Andbank has acquired the asset management business of the Miami-based Swiss Asset Advisors.
Founded in 2008, Swiss Asset Advisors offers global investment solutions to wealth management clients with offices in Miami and Switzerland
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The acquisition, which is subject to the approval of banking authorities, is part of the international growth strategy of the group.
As a result of this acquisition, Andbank will close 2013 with more than US$17 billion in assets under management which doubles its size in the last five years.
Javier Rodríguez Amblés, managing director of Andbank’s wealth management arm in Miami, said: "This agreement gives us the opportunity to increase our presence from 5 to 11 countries, doubling the number of employees and increasing our assets volume to annual rates close to 20%, keeping one of the sector’s highest solvency ratios."
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