Azimut, the Milan-based owner of AZ Swiss & Partners, has agreed to buy yet another Swiss wealth manager. The acquisition is the second in Switzerland within twelve months.
Azimut agreed to buy SDB Financial Solutions, a Lugano-based independent wealth manager, according to a statement by AZ Swiss & Partners issued today.
Assets under management will increase by about half a billion Swiss francs to about 2 billion francs. SDB will remain under the current management of CEO and founder Alfredo Sercia and operate as a branch of AZ Swiss & Partners. SDB, which was launched in 2008, has eight employees.
Consolidation in Italian-Speaking Switzerland
The takeover is in line with the Italian company’s strategy to become a significant player in Swiss wealth management, according to Sergio Albarelli, the CEO of Azimut.
The acquisition of SDB is the second within a year. Azimut in June of 2016 had agreed to buy Sogenel Capital, also based in Lugano, with client assets totaling 640 million francs.
