Sal. Oppenheim, the Cologne-based private bank, is to acquire Services Generaux de Gestion, a Luxembourg-based asset management and family o...

Sal. Oppenheim, the Cologne-based private bank, is to acquire Services Generaux de Gestion, a Luxembourg-based asset management and family office specialist, for an undisclosed price from owners Serge Kranchenblum and Carlo Schlesser, according to reports in the German media. The acquired company, which employs 115 staff in Luxembourg and Geneva, will not completely merge with Oppenheim, but will continue to operate independently. SGG is Luxembourg's second-largest trust business and family office specialist, according to Oppenheim. The total assets under management of the German bank will rise by €30 billion ($37 billion) to €140 billion as a result of the acquisition.