Shortly before year-end, Zug-based Cinerius Financial Partners reached another milestone in its growth story.
Cinerius Financial Partners (Cinerius) acquired independent asset manager SSI Wealth Management, based in Baech (canton of Schwyz), increasing the number of partner companies operating under the group’s umbrella to eight, finews.com reports.
The firm was founded in 2010, employs around 20 people, and manages 2 billion francs in client assets. The company also includes Carnot Capital, a firm specializing in impact investing, and SSI Asset Management, based in Liechtenstein.
Majority Stake
With SSI Wealth Management, there are now eight partner companies in the group – with around 160 employees at 15 locations, over 6,000 customers, and assets under management of about 13 billion Swiss francs. Cinerius has acquired a majority stake in SSI Wealth Management but its executive board and partners will continue to have a significant holding in the company.
The transaction, which should close in the first quarter of 2024, still needs to be approved by regulatory authorities. SSI Wealth Management is the second Swiss partner company to come under the Cinerius umbrella. At the start of 2023, Zurich-based company Entrepreneur Partners stepped on board, as reported by finews.ch.
New Era for Independent Asset Managers
Switzerland aside, Cinerius is also active in Germany and Liechtenstein, where the other companies are consolidated under one roof. Cinerius provides support for their growth strategy or to create succession solutions. Each company will continue to operate independently under existing management and its brand. Business models and investment decisions will also remain unaffected.
This transaction is not just another step in Cinerius’ diligent pursuit of its strategy, it will also accelerate consolidation in Switzerland’s independent asset management industry, which has entered a new era with now-mandatory licensing by Finma, the impact of which will only become visible in the next two years.
