Swiss EFG Int'l buys its way into French HNW space

Thomas Coyle

5 June 2008

Zurich-based private-banking company agrees to buy Sycomore Gestion Privée. Swiss private bank EFG International plans to buy Paris-based wealth-management firm Sycomore Gestion Privee from senior management and parent company Sycomore Asset Management. Assuming the deal wins the requisite regulatory approval, the acquisition marks Zurich-based EFG International's entrée to the French wealth-management space.

The terms of the deal weren't disclosed. The transaction is expected to close before the end of this month.

"A stated objective was to enter the French market, as part of our wider interest in European onshore opportunities," says EFG International's CEO Lonnie Howell. "SGP therefore represents an important addition to our global family of private-banking businesses."

Serial acquirer

Fabrice Moulle-Berteaux and Antoine Lacourt -- who had previously worked together at NAMEJPMorgan Private Bank and HSBC Private Bank -- founded SGP in 2004. The firm has five employees and about $770 million in assets under management.

EFG International says the French firm's approach to clients "is closely aligned to that of EFG International, with a strong advice orientation, a total return focus, and strong commitment to utilising the best managers from across the market." With its support, it adds SGP should have no shortage "of opportunities to broaden and deepen client relationships, as well as, in time, to extend the range of services beyond investment management."

SGP partner Jérôme Tordo expands on that theme. "To facilitate its evolution from a private asset manager to a structure capable of offering the full range of services of a private bank, we decided that should join forces with a global private banking partner that shared the same entrepreneurial values," he says.

Last year iEFG International took a majority stake in Mumbai-based Stratcap Securities and bought U.K.-based hedge-fund manager Marble Bar Asset Management, Toronto-based Bull Wealth Management, Hamilton, Bermuda-based Capital Management Advisors and Miami-based PRS Group. Late last year it also established a structured-products unit called EFG Financial Products.

EFG International has been busy so far this year "finalizing these and addressing integration issues," according to the firm's M&A head Rudy van den Steen. "SGP represents our first purchase of 2008," he says. "As for the remainder of the year, there is no shortage of opportunity, and we are actively exploring a number of other acquisitions at the present time."

EFG International is a member of Geneva-based EFG Group. It operates in 50 locations in 30 countries. -FWR

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