REYL Group, the Geneva-based private banking firm, has acquired Zurich’s Solitaire Wealth Management in a move to bolster its presence in German-speaking Switzerland. Terms of the deal were not disclosed.

Solitaire has some SFr450 million ($537 million) in assets under management, bringing REYL’s total AuM to SFr4.5 billion; the acquisition will also see the firm becoming licensed as an investment advisor by the US regulator so it can serve US onshore clients.

Heading up operations in Zurich will be Thomas Dürmüller, the founder of Solitaire.

Aside from its two Swiss offices, REYL is also present in Paris, Luxembourg and Singapore. The firm has said it aims to grow through acquisition, although it has yet to emerge if there are any other deals in the pipeline.

In other recent developments about the group, in April came news that REYL had entered a joint venture with Samena Capital's Hong Kong-based hedge fund seeding business. The joint venture was intended to boost Samena Asia Managers ability to seed new funds and run managed accounts, as well as expand its operational and fund infrastructure. Samena Capital runs some $400 million in assets across its funds, but is in the process of putting together a new special situations vehicle with a targeted $700 million final close.