Two independent Swiss wealth managers are joining up to form a $4.4 billion entity. The death of one of its main shareholders amidst the deal isn't changing their plans.
Pleion and Probus, two Geneva-based wealth managers, are merging pending regulatory approval, they said in a joint statement on Tuesday. The combined entity, to be run by Pleion boss Patrick Héritier, will manage 4 billion Swiss francs ($4.4 billion) in assets and employ more than 200 people, they said.
The move, in which no money changes hands but the current owners take ownership stakes in the merged entity, is the culmination of three years of talks which began over a joint effort in Monaco. The two are roughly the same age: Pleion was founded in 1980 and belongs to Antoine Darioli and Héritier.
Merger Of Equals
Probus is just four years younger and was founded by George de Preux (pictured below) and Bernard Bonvin. De Preux, who founded Probus in 1984 after a 15-year career at Swiss Bank Corp. including Geneva, Basel, and London, died recently, after the two wealth managers had reached the deal.
The new entity – which will carry the Pleion name – will have four shareholders: Darioli, Héritier, de Preux's family, and Bonvin. «This joining forces on an equal basis will give the new group the best possible chance of success, in an increasingly regulated environment,» they said.
Brisk Expansion Clip
Specifically, they will combine their holdings under Probus' group holding company. In Swiss wealth management, Pleion will absorb Probus Compagnie – pending Swiss regulator Finma's approval. The combined group will have six Swiss offices – Geneva, Bern, Nyon, Sion, Verbier, and Zurich – with international presences in Bangkok, Dubai, Luxembourg, Mauritius, Monaco, and Moscow.
Pleion (formerly Plurigestion) is expanding at a brisk clip under Héritier, who joined in 2017. Since then, the former Julius Baer banker has opened offices in Zurich and Monaco, and made no secret of his consolidation ambitions.
