EFG International, a Zurich-based private banking group, will acquire PRS Group, confirmed Richard Chimberg, a spokesman for Putnam Lovell NBF Securities, which advised PRS on the transaction. PRS Group manages about $2.5 billion in high-net-worth assets that are largely invested in hedge funds and funds of funds. The terms of the acquisition were not disclosed. The deal is expected to close next month. EFG International had $52.6 billion in assets under management as of Sept. 30, according to a news release.
"The acquisition of PRS Group is another important step in the development of our private banking franchise while at the same time enhancing our hedge fund asset management profile," said Lawrence D. Howell, CEO of EFG International, in a statement.
