Bordier Acquires Further Stake in Berry

Nick Parmee

16 November 2006

Following an announcement to its clients, London-based Berry Asset Management has confirmed to WealthBriefing that Bordier, the Geneva private banking partnership, has acquired a further 45 per cent in Berry, subject to regulatory approval in both the UK and Switzerland. This brings the stake up to 90 per cent, after an initial acquisition of 45 per cent in 2001. Jamie Berry, one of the founders, said: “We have benefited from this alliance in many aspects of the business and the relationship has worked very well. Although this acquisition will result in the Bordier partnership owning a majority interest in Berry Asset Management, the company will remain independent and no other changes are planned. The board of directors will remain unchanged, with its existing full time executives, and the bank’s day to day involvement in the business will not be increased in any way. I and Neil Kennedy remain totally committed to the business on a full time basis”. Mr Berry and Mr Kennedy retain the outstanding 10 per cent.