The Latest In Wealth Management M&A – UBP, SG Kleinwort Hambros

The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Union Bancaire Privée, SG Kleinwort Hambros

Geneva-headquartered Union
Bancaire Privée (UBP) has completed its acquisition of
SG
Kleinwort Hambros from Société Générale, marking a milestone
in the bank’s international growth strategy. 

The deal was
first agreed last August. Effective on 1 April, SG Kleinwort
Hambros is now Union Bancaire Privée (UK), with Mouhammed
Choukeir appointed as its chief executive officer. He will lead
UBP’s Wealth Management activities in the UK, Channel Islands,
and Gibraltar and steer the integration of the teams while
defining a strategy for integrated wealth and asset management
solutions for both domestic and international clients. All UBP
London-based teams will move into a new office in Marylebone
later this year.

With this transaction, UBP said it has become one of the
UK’s largest family-owned pure-play private banks,
managing over £20 billion ($25.8 billion) of client assets with
offices in London and other key locations across the UK, in
addition to Guernsey, Jersey, and Gibraltar. 

The integration of SG Kleinwort Hambros’ teams into UBP’s UK
operations will strengthen the bank’s expertise in
delivering wealth and asset management solutions for private and
institutional clients. UBP said it has maintained a strong
presence in the UK for nearly three decades, steadily expanding
its wealth and asset management capabilities. 

“This acquisition is a defining moment for UBP. It reaffirms our
long-term commitment to the UK. With our combined expertise, we
are building a powerful platform for future growth, innovation,
and leadership in wealth and asset management,” UBP’s CEO, Guy de
Picciotto, said.

“Becoming UBP is a fantastic result for our clients and teams.
The integration of the two organisations, combined with the
bank’s global presence, deep expertise in wealth and asset
management, and entrepreneurial spirit, positions us well to
deliver exceptional solutions for clients,” Mouhammed
Choukeir, CEO of Union Bancaire Privée (UK), added.

Alongside the acquisition of SG Kleinwort Hambros, UBP also
acquired Société Générale Private Banking (Switzerland), a
transaction which was completed in January 2025. As a result,
UBP’s total assets under management, which stood at £135.4
billion, will increase by more than £21.9 billion.

UBP, which manages SFr154.4 billion ($175 billion) in client
assets, has more than 25 offices worldwide.

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