October 19, 2018 / 5:28 AM / a month ago

Bank Vontobel buys Lombard Odier business in North America

ZURICH, Oct 19 (Reuters) - Bank Vontobel on Friday said it was acquiring the international portfolio for US-based clients from Lombard Odier for an undisclosed price.

Under the deal Lombard Odier will sell its existing discretionary and advisory wealth management business with US-based clients through an asset transfer to Vontobel.

Lombard Odier currently manages assets of approximately 600 million Swiss francs ($602.23 million) for international private wealth management clients based in the US and approximately 600 million francs for private brokerage clients through a Montreal-based subsidiary.

The deal is expected to be completed in the first half of 2019. ($1 = 0.9963 Swiss francs) (Reporting by John Revill, Editing by Tassilo Hummel)

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