Falcon Private Bank, the Abu Dhabi-owned entity which bought the London unit of Clariden Leu, is eyeing more acquisitions in the boutique wealth management sector as the industry consolidates to cut costs, a top executive said on Monday.
Zurich-based Falcon agreed to buy the Clariden Leu business from Credit Suisse in October, including some 2 billion Swiss francs ($2.1 billion) in assets.
Falcon, which has around $12 billion in assets, is evaluating more such opportunities, Chief Investment Officer David Pinkerton said on a conference call, while adding there was no time frame to do a deal.
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