Wealth managers Probus and Pleion applied at the end of August for permission to proceed with the merger, which would bring the value of the assets under management of the newly formed independent group to exceed the value of the $4 billion group. It has a significant operational presence in the Dubai International Financial Center where 25 people work under the leadership of Bernard Bonvin.
Bernard Bonvin, Senior Partner at Probus Group, one of the group’s major shareholders and managing partner of the Dubai office since 2012, “Our international clients, both private and corporate, have benefited over many years from our team’s experience and from global perspectives. Now, through Pleion, they will have an additional opportunity to receive advice from another distinguished team. Our joint efforts will ensure that our clients are able at all times to make the best financial decisions possible.”
Both companies have four decades of wealth management experience and have worked to develop complementary skills in each. With six Swiss offices, Pleion is very close to its clients in Switzerland and has significant expertise in certain asset classes, advanced IT infrastructure and in-house development of proprietary applications, while Probus has proven expertise in emerging markets, asset management, financial planning and private structuring.
In addition to their offices in Switzerland, the two companies have developed internationally with the establishment of a number of offices in Dubai, Luxembourg, Moscow and Bangkok. Clients of the new group will benefit from the launch of a proven, efficient, global and wide range of investment solutions.
The new entity has 4 major shareholders: the Georges de Bruux family and Bernard Bonvin of Propas, and Antoine Darioli and Patrick Herter of Bellion, and will be managed by a board comprising all of them and whose primary function will be to oversee the direction and development of the future group within Switzerland and abroad. Both Antoine Darioli and Bernard Bonvin currently reside in Dubai and work for Probus Middle East Limited, a subsidiary of the Dubai International Financial Center (DIFC) regulated by the Dubai Financial Services Authority, highlighting the Group's strong commitment to the DIFC, the UAE and the entire Gulf region.
This parity-based strength of integration will give the new group a competitive advantage in an increasingly regulated environment. The formalization of the deal remains subject to approval by local regulators.