Swiss firm targets UK expansion with 50% stake in Lumin Wealth
VZ Group aims to gain ‘strategic foothold’ in the UK financial advice sector
Swiss financial services provider VZ Group has acquired a 50.1% stake in financial advice company Lumin Wealth to gain a “strategic foothold” in the UK financial advice sector.
VZ Group said there were “similarities” between the Britain and Switzerland in terms of the savings market.
VZ is a Swiss financial services provider headquartered in Zug. Founded by Matthias Reinhart, who holds a majority stake, VZ has been listed on the Swiss Exchange since March 2007.
Lumin was set up by Martin Cotter and John Cusins and manages over £600m in assets under management with over 40 employees. The wealth firm currently has offices in St Albans and London, but managing director Cotter said that it will look to “expand regionally over time”.