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Swiss private bank exits UK as boutique buys $1bn unit

Swiss private bank exits UK as boutique buys $1bn unit

Falcon Private Bank has exited the UK through the sale of its UK wealth subsidiary to investment boutique Dolfin.

The deal will see Dolfin acquire the Swiss-based private bank's clients and add around $1 billion (£700 million) to its current £1.6 billion in client assets and £500 million of brokerage. Details on the value of the deal were not disclosed. 

Dolfin chief executive Denis Nagy (pictured below) said: ‘We are delighted to be announcing this exciting development which provides us with a strong platform for growth and is a further step in the delivery of our objectives.

‘Falcon has a strong client base in the UK and we’re proud that we will be able to give them an extended suite of services through our offices in London and Malta – including custody, execution and investment management.’

The buy marks the end of Falcon’s operations in the UK, and comes after the group launched a restructure in 2017 following a 'challenging year' in which it was sanctioned and fined $300,000 by the Monetary Authority of Singapore over breaches of anti-money laundering controls relating to the multi-billion dollar 1MDB scandal. 

Falcon Private Bank outlined details of its vision last autumn as it implemented a new strategic plan. This focuses on select markets and growth initiatives, with efforts concentrated on its main markets in Zurich and Dubai. 

Falcon Private Bank CEO Martin Keller said: ‘We are focused on the delivery of our strategic priorities. While I regret our withdrawal from the UK market, this is the right step for Falcon to take.

‘I am pleased about this agreement with Dolfin, a highly reputable wealth management firm that will guarantee the same exceptional service for our UK clients.’

Nick McCall, who joined Dolfin as head of wealth management in September, previously led Falcon Private Wealth from 2013 – 2015.

He said: ‘As a former CEO of Falcon Private Wealth, I know many of its existing clients well.

‘I look forward to welcoming them to the Dolfin platform.’

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