EFG to divest remaining interest in Marble Bar Asset Management

EFG said that the transaction is expected to result in an exceptional accounting net gain of circa CHF7m in its 2012 financial statements.

The transaction follows the transfer of MBAM’s equity back to MBAM’s senior management in July 2010 and will allow EFG to refocus on private banking once more.

MBAM, founded in 2002, invests in the public equity and hedging markets of Europe and employs a long/short equity strategy to make its investments.

EFG’s group of private banking businesses currently operates in over 30 locations worldwide, with circa 2,500 employees.

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