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Banca Profilo's Swiss unit makes offer for institutional asset manager

Banca Profilo SpA's Swiss private banking unit, Banque Profil de Gestion SA, set out a binding offer to acquire all shares in an unnamed institutional asset management company.

The company has about CHF2 billion of assets under management, according to Banque Profil de Gestion, which said it would reveal the company's identity if its offer is accepted. Banque Profil de Gestion said it aims to complete all deal formalities by April 1, 2018.