The Swiss bank is buying nearly $8 billion in business with North America's wealthy from its larger rival. 

Zurich-based Vontobel is buying Swiss Financial Advisers, or SFA, from UBS, it said in a statement on Thursday. The target manages 7.2. billion Swiss francs ($7.8 billion) and caters to American and Canadian clients who wish to book their assets in Switzerland, not onshore.

Neither party disclosed financial details of the transaction. The deal is a quantum leap for Vontobel's private bank: it will lift assets in the U.S. arm that is overseen by Jacqueline Hess (pictured below) to more than 10 billion francs. 

Jacqueline Hess RGB 1280x7202

The bank's wealth activities – run by Georg Schubiger – have long taken a backseat in terms of growth to its asset management and structured product activities. «This transaction is reflective of our confidence in the U.S. market and our ongoing strategic growth efforts in the region,» Schubiger said.

Vontobel – a copious acquirer – did a similar deal with Genevan rival Lombard Odier in 2018. This week, CEO Zeno Staub said Vontobel plans to open a wealth management office in Miami.