EFG International, a global private banking group headquartered in Zurich offering private banking and asset management services, will be acquiring PRS Group from its main founder. PRS Group currently manages approximately USD 2.5 billion in high net worth clients’ assets, which are primarily invested in proprietary funds and proprietary funds of hedge funds.
PRS Group was founded in 1981 to provide specialised investment services to a global high-net worth and institutional investor base and offers a broad range of family office type of private banking services as well as discretionary asset management services. PRS currently employs 46 professionals, 5 of which are Client Relationship Officers.
“The acquisition of PRS Group is another important step in the development of our Private Banking franchise while at the same time enhancing our hedge fund asset management profile,” says Lawrence D. Howell, the Chief Executive Officer of EFG International. “We look forward to having on board a high-quality team of seasoned and experienced entrepreneurs in the private banking field.”
“The structure of the transaction ensures for both parties an alignment of interests both with respect to revenue-growth as well as on the potential cost-synergy side,” adds Rudy van den Steen, the Chief Financial Officer and Head M&A of EFG International. “This was the key element that put us ahead of other bidders and allowed EFG International to stick to its pricing discipline in the current Sellers’ environment. In addition to price, the Seller wanted to find the right qualitative partner who will facilitate and support his efforts to maximise the long-term commercial potential of the business. “