EFG International announces completion of strategic acquisition

EFG International has completed the acquisition of Marble Bar Asset Management LLP (MBAM), a leading UK-based alternative asset manager. The transaction, which was announced on 3 December 2007, was closed on 9 January 2008 following the granting of regulatory approval.

MBAM is an investment manager specialising in long/short equity strategies, serving institutional clients as well as ultra-high-net-worth individuals. It brings clients’ Assets under Management of circa $4.4 billion (CHF 4.9 billion) and a team of 70 employees.

MBAM is a highly profitable business, and offers a range of other benefits to EFG International, including extending its ability to provide value-adding solutions in sophisticated product areas, particularly for some of the wealthiest client segments.

The past few weeks have been exceptionally busy for EFG International in terms of acquisition activity. In addition to MBAM, it announced three other transactions in the run-up to Christmas. These provided EFG international with access to the strategically important markets of Spain (A&G Group, announced on 21 December) and India (Stratcap Securities India, announced on 19 December), as well as a good foundation to build on in Lugano (On Finance, announced on 21 December). Together, the four acquisitions announced in December involve total clients’ Assets under Management of CHF 10.55 billion, and 30 Client Relationship Officers (CROs).

With these acquisitions, EFG International achieved its acquisition target for 2007. Other acquisitions announced earlier in the year which count towards this target are Bull Wealth Management in Canada and Ashby London in the UK. These brought a further CHF 1.85 billion and 13 CROs.

EFG International is optimistic about the coming year and beyond, with the benefit of the above acquisitions as well as ongoing acquisition opportunities (a number of businesses are currently being evaluated). It is similarly confident in relation to organic development. EFG International can confirm that it comfortably exceeded its CRO recruitment target for 2007, taking account of acquisitions and continued strong recruitment. In addition, notwithstanding market uncertainty, net new money improved during the final three months of the year, compared to the third quarter.

More details about performance and future plans will follow, when results for 2007 are reported on 26 February 2008.

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