Fixed Income  

Swiss bank Vontobel buys majority stake in TwentyFour

Swiss bank Vontobel buys majority stake in TwentyFour

Swiss bank Vontobel has acquired 60 per cent of fixed income boutique TwentyFour Asset Management.

The remaining 40 per cent of the business will be owned by TwentyFour’s 10 partners who “remain fully committed to TwentyFour with long-term lock-ins”.

But Vontobel said it intended to acquire the remaining 40 per cent of the business “over the longer-term”.

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In spite of the deal, TwentyFour said the firm would “remain autonomous, run by the partners with full control over day-to-day business decisions”.

In a statement, the firm added: “Our investment strategies will continue to be managed by the existing team, retaining the same investment process.”

The partners at TwentyFour said they would reinvest a “significant” portion of the money gained from Vontobel into existing TwentyFour funds.

The firm said the deal would not compromise its “boutique approach and culture” that has enabled it to attract £4.4bn in assets in spite of only launching in 2008.

TwentyFour said the partnership with Vontobel “unites TwentyFour’s existing entrepreneurial and focused investment approach with the stability and financial strength of an established European financial institution”.