Swiss bank Vontobel to take majority stake in TwentyFour

Swiss firm Vontobel is to acquire a majority stake in TwentyFour Asset Management, a deal which will eventually see it take full ownership of the firm.

TwentyFour’s partners, who include CEO Mark Holman (pictured), will retain a 40% stake in the business but this will be acquired by Vontobel Asset Management "over the longer term", the Swiss firm said. The partners will continue to run day-to-day operations at the £4.4bn fixed income specialist following the deal, and will retain "full authority" over fund investments. The company will also continue to operate under the TwentyFour brand. "TwentyFour’s partners and key employees will retain a 40% stake in the business and will remain fully committed to TwentyFour. To further strengthe...