LONDON, October 17, 2018 /PRNewswire/ --
Merit Capital is pleased to announce that it has acquired Weghsteen & Co Wealth Management business, subject to the approval by the National Bank of Belgium.
Weghsteen & Co, founded in 1890 is headquartered in Bruges and has like Merit Capital a full focus on Wealth Management.
This strategic transaction is part of Merit Capital's vision to realize its growth plan based on organic and external growth, and to position itself as a premier European Wealth Management platform.
Two months after being acquired by Duet Group, Merit Capital's AUM will grow from Eur 1.1 Billion to Eur 1.7 Billion with the integration of Weghsteen activities into Merit Capital.
"We are very pleased to have the opportunity to grow Merit Capital with the integration of an established firm like Weghsteen with its 128 years of history. It's also clear that further consolidation will take place in the industry and Merit is well positioned to play a leading role.
"For Weghsteen clients, the acquisition means a next phase of professionalization and new opportunities by using Merit Capital's recently reinforced expertise in institutional services and products. Merit Capital have fully committed to retain Weghsteen's relationship managers, who will continue to be at the heart of the relation with their client. We are very excited to welcome them to Merit Capital."
Merit Capital's joint Chief Executive Officers Paul Reynolds and Jan De Coninck commented, "We are both very excited to welcome the clients of Weghsteen to Merit Capital, they will join with our current clients who will continue to rely on Merit Capital's expertise and personal service."
In accordance with article 77 juncto 542 of the Law of 25 April on the legal status and supervision of credit institutions and stockbroking firms, the transaction is subject to the approval of the National Bank of Belgium, that supervises both investment firms
The National Bank of Belgium has two months as from the receipt of the complete take-over file to issue its decision, which should in any case intervene before the contemplated "closing date" of 20 December 2018.
SOURCE Duet Group