Banque Heritage announced it has sold its stake in its Heritage Private Office subsidiary. The Geneva-based, family-owned private bank sold the multifamily office to its current management for an undisclosed figure.
The bank will no longer have any links to the new entity which will now be known as The Private Office. According to a statement released by Banque Heritage, it decided to exit the joint venture because of a divergence in long-term business strategy. It refused to give further details when contacted by www.campdenFB.com.
Banque Heritage was founded in 1986 by Carlos Esteve to manage his family's assets, but grew to offer services to those outside the core family. The bank recently disclosed expansion plans outside its home market of Switzerland, specifically in the Middle East and Asia, in an attempt to better deal with the changes in banking regulations.
Heritage Private Office was established in 2009 as a joint venture between the bank and three partners, Nick de Scossa, Andrea Savoretti and William Lovering. Founding partner Lovering told www.campdenFB.com: "The Private Office offers both a full family office service for UHNW individuals as well as a transaction advisory and merchant banking service."
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