Bahrain-based alternative investment manager Investcorp has agreed to divest its indirect interest in Swiss private bank Banque Pâris Bertrand to Rothschild & Co Bank.

Financial terms of the deal were not disclosed.

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The deal is pending regulatory nod, with completion expected in the first half of next year.

Investcorp acquired a strategic minority stake in Banque Pâris Bertrand in September 2018.

The sale follows Rothschild & Co’s move to snap up the Geneva-based private bank, which caters to wealthy families, family offices and institutional investors, primarily from Switzerland, and other European markets.

Banque Pâris Bertrand operates a wealth management unit as well as three asset management businesses.

At the end of November this year, the firm had around CHF6.5bn ($7.4bn) in client assets. Over 90% of its wealth management assets are from clients with over CHF5m.

Other moves by Investcorp

In May this year, Investcorp and Tages Group merged their absolute-return businesses to form an equal stake joint venture (JV).

The move combined Investcorp’s Absolute Return Investments (ARI) business with Tages’ absolute return arm Tages Capital.

In May last year, Investcorp agreed to acquire Mercury Capital Advisors, a US-based institutional capital raising and investment advisory firm.

In January last year, Investcorp entered the Indian market by acquiring the private equity and real estate investment management operations of IDFC Alternatives.

In 2018, Investcorp launched a new business called Strategic Capital Partners, which focuses on purchasing minority equity stakes in mid-sized alternative asset managers.