The purchase of Clariden Leu (Europe), formerly Clariden Leu Asset Management UK, is expected to complete in the first quarter of 2013, subject to legal and regulatory approvals.
Clariden Leu (Europe) is part of Clariden Leu which was formed in January 2007 from the merger of Clariden Bank, Bank Leu, Bank Hofmann, and BGP Banca di Gestione Patrimoniale together with the securities dealer Credit Suisse Fides. It is a wholly owned subsidiary of Credit Suisse.
The company provides wealth and asset management services to private clients in the “key markets” of Eastern Europe, Middle East and Africa and other emerging markets. Falcon, a wholly owned subsidiary of Aabar Investments PJSC which itself is controlled by the government of Abu Dhabi, said it will continue to offer the same service after the purchase.
Credit Suisse is currently going through the process of fully integrating Clariden Leu into its operations and, from April 2 this year, the two became legally merged. In a statement, Erich Pfister, chairman of Clariden Leu (Europe) and head market area UK/international for private banking western Europe, Credit Suisse said the sale of Clariden Leu (Europe) marked “one of the final steps of the successful integration of Clariden Leu into Credit Suisse”.
Eduardo Leemann, chief executive of Falcon Private Bank said: “We foresee to keep the successful business model and existing custodial arrangements of Clariden Leu (Europe) Ltd., which has positioned itself as a leading wealth manager for high and ultra high net worth clients in its target markets. Apart from changing to a new owner and a new name, Clariden Leu (Europe) Ltd. will remain an independent asset manager.”
