Switzerland’s largest cantonal bank, Zürcher Kantonalbank, has acquired consultancy Complementa to build up custody and investment reporting services for institutional investors, it announced today.
Zürcher Kantonalbank is strengthening its custody services division through the acquisition, the bank added.
The range of custody services offered by the bank includes global custody and administration of assets, and independent investment reporting, which Zürcher Kantonalbank has been providing to its clients since 2006, in partnership with Complementa.
Following the acquisition, the bank plans to increase investments to further broaden the range of custody services mainly used by institutional clients, it added.
Zürcher Kantonalbank will also push on with investments to boost the consultancy’s investment reporting services considered a “professional analysis tool” for institutional clients and wealthy private individuals.
“The acquisition now enables us to offer our investment reporting within the group, and to further develop it for our customers,” said Stephanino Isele, head of institutionals and multinationals at Zürcher Kantonalbank.
He added: “We offer the entire range of custody services from a single source and want to further strengthen our offering in an area of the Swiss market that is important for institutional investors.”
Zürcher Kantonalbank has pledged to further invest in Complementa, keeping the firm’s business model intact, it said.
Complementa remains an independent company, and the current employees will continue in their roles, the bank said, excluding the possibility of job cuts or the transfer of tasks from Complementa to Zürcher Kantonalbank.
However, with the acquisition, Markus Wirth, currently head of custody at Zürcher Kantonalbank, will become the new chief executive officer of Complementa, effective 1 September.
Complementa’s current CEO, Heinz Rothacher, will continue to be available to the company as a member of the board of directors from 1 September, the bank said.
Rothacher said: “Institutional investors and family offices trust us as an experienced and reliable partner in the area of investment reporting. We are [now] ensuring the smooth continuation of these often long-standing customer relationships, and are setting an example for continuity and stability.”
Complementa advises pension funds, corporates, foundations, insurers, banks and investment managers. It conducts asset and liability management studies and manager selection, while monitoring asset management mandates, and advising on governance and sustainability for its pension fund clients.
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