UBS to enter Dutch wealth management market together with VermogensGroep
UBS announces today that it has signed an agreement with VermogensGroep, an independent Dutch Wealth Manager, to acquire VermogensGroep. This joining of forces will create one of the premier Wealth Management firms in the Netherlands. Closing of the transaction remains subject to regulatory approval.
VermogensGroep serves wealthy private clients, foundations and institutions in the Dutch market with 38 staff working in Amsterdam. The firm manages client assets of approximately €4 billion and an additional €10 billion assets under administration. The core business of VermogensGroep is the provision of its Wealth Intelligence & Control solution (investment management, monitoring and reporting services) to some 100 ultra high net worth clients.
Juerg Zeltner, Head Wealth Management North, East & Central Europe, Global Wealth Management & Business Banking, comments: "This move will establish our physical Wealth Management presence in The Netherlands with a quality local investment platform in place. This will enable UBS to service the Dutch market for wealthy individuals with immediate scale and the unique Wealth Control solution of VermogensGroep. Over time this will be expanded to create a comprehensive local Wealth Management offering."
Maarten Rutgers, Chairman and Founding Partner of VermogensGroep, said: "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."
Maarten de Groot, CEO and co-founder of VermogensGroep, adds: "Together, the two firms will be uniquely positioned to expand our reach, creating a solid base for sustainable long-term growth."
In the Netherlands UBS Global Asset Management and UBS Investment Bank have been present since 1992 with currently 33 staff in Amsterdam. Their offering covers the investment and brokerage needs of Dutch institutional clients.
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