Switzerland-based Banque Bonhôte & Cie SA said Feb. 15 that it acquired local asset manager FidFund Management SA for an undisclosed amount, finews.ch reported the same day.

The Swiss subsidiary of French asset servicing bank CACEIS SA, which itself is part of Crédit Agricole Group, also took part in the transaction, according to a Banque Bonhôte statement quoted by finews.ch.

Fidfund, which was involved in the establishment of Banque Bonhôte's real estate investment fund in 2006, manages a real estate portfolio with total assets of CHF3.5 billion. The new investment is part of Banque Bonhôte's strategy to strengthen its property management operations in Switzerland.