The Swiss are expanding their German business.
(Photo: The Image Bank/Getty Images)
Zurich, Frankfurt The asset manager Bantleon, which specializes in bond investments, is strengthening itself with an acquisition in Germany: the Zurich-based company is taking over business with professional clients from the Hamburg private bank MM Warburg. The transaction partners did not comment on the purchase price.
For Bantleon, the acquisition means rapid growth: assets under management increase from five to 23 billion euros. The number of employees almost triples, from 45 to 145 full-time positions.
According to Bantleon Supervisory Board Chairman Jörg Schubert, the strong business with administration services for institutional investors is of particular interest, known under the abbreviation Master-KVG. “We haven’t had this business area yet,” said Schubert in an interview with the Handelsblatt. This is where Warburg has expertise, which is repeatedly confirmed by surveys of Warburg customers.
A second advantage is the strengthening of Bantleon’s core business. “At Warburg, bond management for institutional investors is the largest area, so we are strengthening our own and already large bond management.” Schubert indicates that the current acquisition is just a step towards further expansion. “We want to get bigger in the medium term.”
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The private bank MM Warburg recently hit the headlines for its involvement in the Cum-Ex tax scandal. It was therefore important for Bantleon to emphasize that the acquired division was not involved in either cum-ex or so-called cum-cum transactions. Both terms stand for an illegal practice in stock trading, in which investors claim a refund for unpaid taxes around the dividend record date.
The private bank Warburg had only taken over the business with professional customers in 2018 from the ailing Landesbank NordLB. Bantleon was already interested back then, but didn’t get the chance, said Schubert. The family-run asset manager with a Swiss banking license succeeded in expanding at the second attempt.
More: The world’s largest wealth manager plans to lay off 500 employees.