Vontobel won't change much at its new asset-management unit Vescore. However, as the bank intends to achieve as many synergies as possible, it will likely reduce Vescore's staff.

Vescore is the perfect fit, Vontobel CEO Zeno Staub today told the media, describing the acquisition of Raiffeisen's asset-management unit. Staub's asset management is structured in a way that will allow the integration of Vescore without major problems and the unit's sustainability and quant funds are most welcome at the new owner.

Staub expects Vescore to reach profitability by 2018, even though the unit hasn't generated any profits under the management of Raiffeisen. The way to do this is by opening the global sales channel of Vontobel to the products of Vescore.

Vontobel Will Use Vescore Brand

Vontobel will continue using the Vescore brand, and familiarize customers from South America to Australia with it.

The acquisition and integration of the business will cost Staub's bank about 25 million Swiss francs – money he wants to recover thanks to the synergies the takeover will create.

Cuts Likely

The Vescore crew is optimistic about the future of the company, according to their new boss, with the manager Aris Prepoudis and his team confirming their commitment to Vontobel.

This won't stop Staub from trimming staff at Vescore as he streamlines the structures according to the needs of the new organization – the CEO said he couldn't exclude changes at staff numbers, but refused to put a number on it. Vontobel and Raiffeisen were socially responsible employers, he added.