Swiss bank Reyl is is offloading a majority stake in its asset management arm, RAM. The buyer is an major Italian investment bank.
Family-controlled Reyl will sell 69 percent of its asset management subsidiary, RAM Active Investment, to Milan's Mediobanca, the Swiss bank said in a statement on Thursday.
The Genevan firm will keep a minor stake of 7.5 percent, and act as an anchor investor in the firm's products. RAM's partners Thomas de Saint-Seine, Maxime Botti and Emmanuel Hauptmann will keep «significant stakes» in the firm, and remain committed to its development for at least ten years.
Investing Elsewhere
With nearly $5 billion in client assets, RAM will become the launch pad for Mediobanca's systematic strategies as well as an incubator for new investment ideas, the two said in a statement. The asset manager's sale is subject to regulatory approval, but expected to close in the first half of next year.
Reyl is offloading the stake in order to invest its cash elsewhere. Run by Francois Reyl, the son of founder Dominique Reyl, the boutique plans to pour money into expanding its private bank and its corporate advisory arm as well as into an ambitious digital strategy.
