UBS has acquired Dolfi Finance, a regional French-based asset management firm, for an undisclosed sum. Based in Strasbourg, Dolfi manage...

UBS has acquired Dolfi Finance, a regional French-based asset management firm, for an undisclosed sum. Based in Strasbourg, Dolfi manages around “several hundred million euros” for “several hundred” clients according to a Reuters report. UBS has been developing an onshore wealth management business in France since 1999 and now has around €5.8 billion ($6.9 billion) of assets under management. Outside of Paris, the Swiss bank has opened eight offices throughout the country. The acquisition is the second in recent years for UBS France; in 2003 the bank bought the French private banking business of Lloyds Bank.