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Swiss EFG Buys Canada's Bull Wealth Management

Swiss private bank EFG International said on Wednesday it would buy Toronto-based Bull Wealth Management, further pursuing its strategy of growing rapidly through acquisitions.

Bull manages some 1.5 billion Swiss francs ($1.21 billion) worth of assets for family offices, high net-worth individuals and institutional investors, EFG said.

No financial details of the deal were disclosed.

Bull has seven employees, three of whom are client relationship officers. Bull's management team would stay on board and the company would not change its name.

EFG, which is controlled by the wealthy Latsis family from Greece, was established in 1995.

Its mid-term targets include buying rivals with 10 to 15 billion francs total worth of assets under management each year, which should bring assets under management to between 121 and 131 billion francs by 2008.