Vaudoise insurance company has agreed to buy a Bern-based fund manager specialized in real estate. Vaudoise insurance group bought all shares in Dr. Meyer Asset Management and Berninvest, the company said in a statement last night (statement in German). The takeover is subject to the approval by the regulator. Berninvest is based in the Swiss capital and manages the Immo Helvetic and Good Buildings real-estate funds, with a joint value of more than 1.4 billion Swiss francs. Benefits of Scale The takeover is strengthening Vaudoise’s know-how in a segment where the insurer has plenty of experience itself, according to CEO Philippe Hebeisen. It will lead to benefits of scale in the purchase of large real-estate projects. Vaudoise is diversifying its business. The Lausanne-based company will henceforth be able to provide asset-management services to third-party clients. Jobs to Be Retained The companies didn’t disclose the price paid by Vaudoise. All employees in Bern will keep their jobs and Max Meyer will remain a member of the board at Berninvest.
German insurer Vaudoise has bought property-focused asset manager Dr Meyer and Berninvest as it expands and broadens its business base. The value of the deal was not disclosed. Berninvest manages the Immo Helvetic and Good Buildings real estate funds, which oversee more than CHF1.4bn ($1.4bn).