Switzerland’s Union Bancaire Privée (UBP) has bought Angel Japan Asset Management as the private lender seeks to expand its distribution channels to the world’s third largest economy.
The Japanese firm, which specialises in domestic small-cap stocks, was founded by Hirotaka Usami, who sold it to UBP for an undisclosed sum.
Usami will be appointed as chairman of Angel Japan Asset Management and Ryota Bando, who is currently the chief operating officer, will become chief executive officer, UBP says in a statement on May 29.
“All current employees of Angel Japan Asset Management are expected to remain with Angel Japan Asset Management,” UBP says.
According to Nicolas Faller, UBP’s co-CEO of asset management and head of institutional clients, the acquisition underscores the bank’s “high conviction on the investment opportunities in the global small-cap equity segment, notably in Japan, and as to the team’s unique ability to seize them”.
“Taking on the ownership of Angel Japan Asset Management will not only broaden our distribution channels to onshore Japanese clients, but will also strengthen our in-house capabilities and value proposition to serve our offshore clients even better,” Faller says in the statement.
Geneva-based UBP had 140.4 billion Swiss francs (US$154.65 billion) of assets under management as of end-2022.