Andbank has acquired the asset management business of the Miami-based firm Swiss Asset Advisors, which was founded in 2008 and specialises in wealth management.
This acquisition, pending the approval of the banking authorities, is part of the international growth strategy of the group and will entail the integration in Andbank’s wealth management branch in Miami of Michael Blank and the rest of the team of Swiss Asset Advisors.
As a result of this acquisition, Andbank will close 2013 with more than USD17bn in assets under management which doubles its size in the last five years.
Javier Rodríguez Amblés, Andbank’s wealth management Miami managing director, says: “This agreement implies a huge step in our internationalisation project, which began in 2000. It gives us the opportunity to increase our presence from five to 11 countries, doubling the number of employees and increasing our assets volume to annual rates close to 20 per cent, keeping one of the sector’s highest solvency ratios. No matter if the client is in Hong Kong or Mumbasa, we can offer them a global wealth management.”
Swiss Asset Advisors is a firm specialised in providing high-end global investment solutions to wealth management clients. Founded by Blank, private banker and international lawyer, the company has offices in Miami and Switzerland.
Blank says: “This has been motivated by several factors: Andbank’s private banking specialisation, their client individual focus, their professional experience and their open architecture. Andbank fits perfectly with Swiss Asset Advisors’ work philosophy; it is a bank with more than 80 years of specialisation in wealth management. Owned by the third generation of two large traditional banking families, Andbank develops with total independency its activities worldwide, searching for excellence and professionalism.”