Swiss bank Vontobel is buying the asset manager Vescore from Switzerland’s Raiffeisen for an undisclosed sum, in a deal the two banks say strengthens their collaboration.

The Swiss banks said they were redefining their partnership within asset management and also bolstering their collaboration.

In a deal signed by the two on 29 June, Raiffeisen is to focus on advising clients in the investment business, continuing to expand in this area, while Vontobel will concentrate on product development and product management, the banks said.

Vontobel said it would make its global asset management, investment process and distribution capabilities available to Raiffeisen, and continue developing and managing certain asset management products for the Raiffeisen group.

Axel Schwarzer, head of Vontobel subsidiary Vontobel Asset Management, said: “Vescore ideally complements our existing asset management product portfolio, which is focused on long-term growth.”

Vontobel Asset Management began expanding internationally after it was spun off from its parent Vontobel in 2014.

In March last year, Vontobel Asset Management took a 60% stake in London-based TwentyFour Asset Management.

Vontobel said the acquisition would let it expand its investment capabilities in the areas of sustainable investing and quantitative investing in particular.

In addition to this, Vontobel said the move would mean Vontobel Asset Management would strengthen its overall presence in Switzerland, as well as its position in the institutional market in Germany.

Vescore’s asset management capabilities include sustainable investing – based on macro, financial, corporate and sustainability research – and quantitative investing and fundamental equity strategies.

Vescore’s headquarters are in St Gallen, and it has offices in Basel, Munich, Lausanne, Riga, Vienna and Zurich, managing a total of CHF15bn (€13.8bn) in client assets.

The purchase will be financed wholly from Vontobel’s own funds, and the deal – subject to regulatory approval – is expected to close in the third quarter.