2014-01-09 18:46:03 -
Andbank has acquired the asset management business of the Miami based firm Swiss Asset Advisors, founded in 2008 and specialized in wealth management. This acquisition, pending the approval of the banking authorities, is part of the international growth strategy of the Group and will entail the integration, in Andbank’s Wealth Management branch in Miami, of Michael Blank and the rest of the team of Swiss Asset Advisors.
As a result of this acquisition, Andbank will close 2013 with more than $17bn in assets under management which doubles its size in the last five years.
According to Javier Rodríguez Amblés, Andbank’s Wealth Management Miami managing director, this agreement “implies a huge step in our internationalization project, which began in 2000. It gives us
the opportunity to increase our presence from 5 to 11 countries, doubling the number of employees and increasing our assets volume to annual rates close to 20%, keeping one of the sector’s highest solvency ratios”. “No matter if the client is in Hong Kong or Mumbasa, we can offer them a global wealth management”.
Swiss Asset Advisors is a firm specialized in providing high-end global investment solutions to wealth management clients. Founded by Michael Blank, private banker and international lawyer, has offices in Miami and Switzerland, and is defined by a long term vision and asset preservation.
For Blank, Swiss Asset Advisors’ integration in Andbank Wealth Management Miami, “has been motivated by several factors: Andbank’s private banking specialization, their client individual focus, their professional experience and their open architecture”. “Andbank fits perfectly with Swiss Asset Advisors’ work philosophy; is a bank with more than 80 years of specialization in wealth management. Owned by the third generation of two large traditional banking families, Andbank develops with total independency his activities worldwide, searching for excellence and professionalism”.
Blank, with more than 23 years of experience as an international private banker, was responsible for establishing Julius Baer in Palm Beach (Florida) and Credit Suisse Private Advisors in Miami, before launching in 2008 his own advisory firm together with the Swiss Giuseppe Mazzeo as CIO. Mazzeo, with 25 year work experience, developed his professional career in Credit Suisse, where he managed the global Investment Strategy team with more than 40bn Swiss francs in assets under management.
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