Vontobel Holding AG said it is selling its Liechtenstein operation, including the local booking platform, to wealth manager Kaiser Partner Privatbank.

Both parties have agreed not to disclose the purchase price, Vontobel said Dec. 7. The transaction will see the transfer to Kaiser Partner Privatbank of an entire client portfolio with CHF1.4 billion in AUM as of the end of October.

As part of the deal, around 15 employees will also be transferred to Kaiser Partner. The transaction is expected to close in the first quarter of 2018, pending regulatory approval.

Vontobel said the transaction is in line with its decision to focus on its Swiss and German platforms to reduce complexity, increase operational efficiency and have a positive impact on the gross margin in wealth management.

Vontobel will cooperate closely with Kaiser Partners in the securities business in the future, a move that Vontobel said is expected to generate additional revenues and economies of scale.