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EFG Private Bank Acquires UK Wealth Manager

Contributing Editor, 9 November 2005

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EFG Private Bank in the UK has acquired London-based asset management business Chiltern Wealth Management. Terms of the transaction were not...

EFG Private Bank in the UK has acquired London-based asset management business Chiltern Wealth Management. Terms of the transaction were not disclosed.

CWM is the private client asset management arm of the Chiltern Group, a financial services firm based in London. CWM's principal focus is discretionary asset management for high net worth individuals, their trusts and pension funds. It employs four client directors and has assets under management of around $450 million.

The bank said in a statement that Chiltern’s senior managers Massimo Scalabrini and Andreas Wueger will remain in their current roles following the change of ownership.

Following the acquisition, EFG Private Bank's total assets under management, excluding trust assets, amount to approximately $5.3 billion.

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