UBS Acquires French Wealth Manager For $618M

Oct 24 2007 | 1:49pm ET

UBS said today that it has agreed to acquire Caisse Centrale de Réescompte Group from Commerzbank for approximately €435 million (US$618 million). The transaction is expected to close in the first quarter of 2008.

Caisse Centrale de Réescompte Group is an asset and wealth manager in France with €17 billion of invested assets as of the end of June. The CCR Group includes four principal entities: CCR, a provider of banking services to its subsidiaries; CCR Actions, an asset manager specializing in equity funds; CCR Gestion, an asset manager specializing in fixed income and alternative products and CCR Chevrillon-Philippe, a provider of asset management services to private clients.

CCR’s €435 million price tag includes €275 million for a 100% interest in the group and approximately €160 million for the expected excess capital of the group at closing. The CCR Group will be integrated into the asset management and wealth management businesses of UBS in France.

John Fraser, chairman and CEO of Global Asset Management at UBS, said: “The combined entity further strengthens the presence of UBS in France and underlines its strong commitment to the European market.”


In Depth

AIMA: Smaller Firms Remain the Lifeblood of the Hedge Fund Industry

Jul 26 2017 | 5:55pm ET

It is a hedge fund industry truism that the largest managers receive the most attention...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 
Error

FINalternatives Trending

From the current issue of