Zurich, Switzerland, 13 June 2013 - The Swiss wealth management boutique Falcon Private Bank will delegate the management of its insurance-linked securities (ILS) business to the Zurich-based investment boutique Twelve Capital. This will primarily affect investment funds domiciled and regulated in Luxembourg and Switzerland.
With this collaboration and the integration of the existing management team, Twelve Capital will guarantee continuity for existing Falcon Private Bank clients and ensure that the ILS activities are optimally integrated into Twelve Capital's core business.
Both parties have agreed not to comment on the details of the transaction, which is subject to approval by the supervisory authorities in Switzerland and Luxembourg.
Twelve Capital is an independent investment boutique specializing in insurance-related investments, such as insurance-linked securities (ILS) and subordinated insurance bonds. Its clients are large institutional investors in Europe. Its team comprises insurance industry specialists with outstanding track records.
"We are delighted to have found an outstanding partner for our ILS business in Twelve Capital. The firm fully meets our expectations in terms of expertise, drive and tailored solutions. This solution offers our longstanding clients and our experienced fund management team continuity, innovation potential and interesting growth opportunities", explained Eduardo Leemann, Chief Executive Officer of Falcon Private Bank.
Dr. Urs Ramseier, Chairman of the Board of Twelve Capital, commented on the transaction as follows: "We are proud to play a part in the consolidation of the market for insurance-linked securities. We welcome the additional expertise from Falcon Private Bank within our team and are looking forward to a successful working relationship. We are confident that we will be able to further develop these investment funds in the best interests of the existing investors."
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FALCON PRIVATE BANK LTD. is an experienced Swiss private bank specialized in asset management for high net worth private clients and families. Its clients all over the world enjoy the benefits of over 40 years of experience in Swiss private banking and the financial strength and solidity of its owner aabar Investments PJS.
TWELVE CAPITAL is an independent investment manager specialized in insurance-related investments. As a core business the company manages portfolios of insurance-linked securities (ILS) as well as portfolios of subordinated bonds issued by insurance companies. Both strategies take advantage of the team's deep and long-term expertise in insurance risks, insurance regulation and insurance company balance sheets. Twelve Capital makes insurance-related investments accessible to institutional investors and thereby aims to generate attractive risk adjusted returns for its clients. Domiciled in Zurich, Switzerland, Twelve Capital is majority owned by the investment team.
MEDIA CONTACT:
| Falcon Private Bank Irene Franco Head of Communications, Media Relations +41 44 227 57 32 irene.franco@falconpb.com www.falconprivatebank.com | Twelve Capital Dr. Werner Vogt Media Spokesperson +41 44 577 12 07, + 41 79 470 35 68, werner.vogt@wevcom.ch |
