Vontobel acquires UBS SFA business with 7.2 billion Sfr in assets

ZURICH – Swiss bank Vontobel said on Thursday it signed an agreement to purchase UBS Swiss Financial Advisers AG (SFA), a Zurich-based subsidiary of UBS AG, to boost its wealth management business for U.S. clients.

Vontobel said in a statement SFA had 7.2 billion Swiss francs ($7.78 billion) in assets under management as of Sept. 30. No additional financial details were disclosed.

($1 = 0.9250 Swiss francs)

(Reporting by Silke Koltrowitz; Editing by Michael Shields)