Zürcher Kantonalbank agreed to acquire 81.9% stake in Swisscanto Holding Ltd from Glarner Kantonalbank (SWX:GLKBN), Thurgauer Kantonalbank (SWX:TKBP), Zuger Kantonalbank (SWX:ZG), Luzerner Kantonalbank AG (SWX:LUKN), Berner Kantonalbank AG (SWX:BEKN), Basellandschaftliche Kantonalbank (SWX:BLKB), Banque Cantonale du Jura (SWX:BCJ), Banque Cantonale du Valais (SWX:WKB), St.Galler Kantonalbank AG (SWX:SGKN), Banque Cantonale Vaudoise (SWX:BCVN), Banque Cantonale de Genève SA (SWX:BCGE), Aargauische Kantonalbank and other 12 regional banks for approximately CHF 360 million on December 10, 2014. Under the terms of the acquisition, sellers will also receive further payments between 2016 and 2018 depending on Swisscanto's performance. The sale of Swisscanto brings CHF 33.3 million into the coffers of Berner Kantonalbank (BEKB) for its 7.6% stake. Zuger Kantonalbank (SWX:ZG) will sell its 3.48% stake in Swisscanto and will achieve a proceeds of approximately CHF 15 million. From the sale of its 0.89% stake in Swisscanto, the Banque Cantonale du Jura (BCJ) achieves proceeds from the sale of approximately CHF 3.9 million. The sale of Swisscanto flushed approximately CHF 13.2 million CHF into the coffers of the Walliser Kantonalbank (WKB) for its stake of 3.02%.

Iwan Deplazes will continue to head asset management and Christoph Schenk will remain the Chief Investment Officer of the combined organization. Hans Frey, a Swisscanto executive, will become the Chief Executive Officer for Swisscanto fund management. The sale is pending regulatory approvals. The deal is expected to close in the first quarter of 2015. N+1 Swiss Capital acted as sole financial advisor to the sellers.

Zürcher Kantonalbank completed the acquisition of 81.9% stake in Swisscanto Holding Ltd from Glarner Kantonalbank (SWX:GLKBN), Thurgauer Kantonalbank (SWX:TKBP), Zuger Kantonalbank (SWX:ZG), Luzerner Kantonalbank AG (SWX:LUKN), Berner Kantonalbank AG (SWX:BEKN), Basellandschaftliche Kantonalbank (SWX:BLKB), Banque Cantonale du Jura (SWX:BCJ), Banque Cantonale du Valais (SWX:WKB), St.Galler Kantonalbank AG (SWX:SGKN), Banque Cantonale Vaudoise (SWX:BCVN), Banque Cantonale de Genève SA (SWX:BCGE), Aargauische Kantonalbank and other 12 regional banks on March 25, 2015. ZKB will continue to offer its own funds as well as occupational pensions, while the Swisscanto funds will continue under the name Swisscanto. All the necessary authorizations from both the Swiss and foreign authorities have been obtained.