Andbank, the global private banking firm, has acquired the asset management business of Miami, FL- and Switzerland-based Swiss Asset Advisors, which specializes in wealth management.

Andbank, the global private banking firm, has acquired the asset management
business of Miami,
FL- and Switzerland-based Swiss Asset Advisors, which specializes in wealth
management.

The acquisition is part of Andbank’s international growth strategy – which it
embarked upon in 2000 – and remains subject to approval from banking
authorities. Once the transaction closes, Andbank will have some $17 billion in
AuM, it said.

The move will involve Andbank’s Miami
wealth management branch integrating with Swiss Asset Advisors’ founder, Michael
Blank, and the rest of the SAA team.

Blank has over 23 years of experience as an international private banker and
established Julius Baer in Palm Beach (Florida) and Credit Suisse Private
Advisors in Miami, before launching his own advisory firm in 2008 with Giuseppe
Mazzeo.

Javier Rodríguez Amblés, Andbank’s managing director for wealth
management in Miami,
said the acquisition has given his firm the opportunity to boost its presence
from five to 11 countries, double its number of employees and boost asset
volumes.

Andbank has a presence in Andorra,
Spain, Luxembourg, Switzerland,
Monaco, The Bahamas, Miami, Mexico,
Panama, Brazil and Uruguay.