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Laxman Pai, Opalesque Asia: Geneva-based wealth managers Pleion and Probus have agreed to merge in a deal that will see CHF4bn ($4.4bn) of combined assets. They have filed a request for authorization to proceed with their merger.
The newly formed business will have operations in Thailand, UAE, Luxembourg, Mauritius, Monaco, and Russia. The combined entity, to be run by Pleion boss Patrick Héritier, will employ more than 200 people worldwide, including 60 based across Switzerland, they said in a press release.
The Geneva-based firms said the idea for the union was struck in 2018 when Pleion founder Antoine Darioli and Probus founder Georges de Preux first met in Monaco for a tactical discussion about business similarities and future vision.
The two are roughly the same age: Pleion was founded in 1980 and belongs to Antoine Darioli and Héritier. Probus is just four years younger and was founded by George de Preux and Bernard Bonvin.
Pleion focuses on certain asset classes, an IT infrastructure, and the in-house development of proprietary applications. Probus specializes in emerging markets, fund management, and private structuring.
The new entity - which will carry the Pleion name - will have four shareholders: Georges de Preux and Bernard Bonvin, from Probus, and Antoine Darioli and Héritier from Pleion.
The parties said that joining forces would be done on "an equal basis and give the new group the best possible chance of success in an increasingly reg...................... To view our full article Click here
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