Swiss financial services company UBS AG (UBS) said Tuesday that it forged a deal to buy wealth manager VermogensGroep to establish its presence in the Dutch wealth management market. Terms of the deal were not disclosed.
VermogensGroep is a provider of Wealth Intelligence & Control solution, including investment management, monitoring and reporting services, to nearly 100 high net worth clients. The firm manages client assets of approximately 4 billion euros and additional 10 billion euros assets under administration.
The companies expect that the combination will create a solid base for sustainable long-term growth, thereby becoming one of the premier Wealth Management firms in the Netherlands.
Commenting on the deal, Maarten Rutgers, Chairman and Founding Partner of VermogensGroep, stated, “Joining forces with the global leader in wealth management will bring us closer to reaching our objective to become Holland’s number one wealth manager. The combination of UBS’s global offering and our expertise in the Dutch market will create a comprehensive wealth management platform our clients will benefit from.”
UBS is present in the Netherlands since 1992, with its Global Asset Management and UBS Investment Bank units dealing with the investment and brokerage needs of Dutch institutional clients.