Swiss private bank merges with multi-family office
That doesn’t happen every day. A young Swiss private bank is teaming up with a multi-family office to quickly manage seven billion francs in client funds.
The Geneva Private Bank City Gestion has with the multi-family office Sartu’s capital merged as the two companies split on Tuesday. This creates a new financial institution with supporting customer assets of up to 7 billion Swiss francs. Together, the two companies employ around 100 people at four locations in Geneva, Lausanne, Zurich and Lugano.
Finma approved the transaction, which became legally effective in mid-2022, as was further learned.
The Geneva-based company Sartus Capital was founded in 2016 and taken over by the management in 2021. The company previously employed 13 people; the co-leadership is suspended Sven Blake and Stephane Barthassat together.
A private bank since 2022
Cité Gestion was established in 2009 as an independent asset manager under the umbrella of the Geneva-based private bank Lombard Odier. In 2017, the six managing partners took over the company as part of a management buyout.
Two years later, Cité Gestion teamed up with Zurich-based Ultra Finanz and expanded the top management to eight people. At the beginning of this year, the company received a full banking license from Finma and has operated as a private bank ever since.
What are the biggest risks in the financial markets in 2023?