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Vontobel says to buy majority stake in British asset manager

Reuters - UK Focus

ZURICH, March 25 (Reuters) - Swiss bank Vontobel Holding said on Wednesday it would acquire a 60 percent stake in London-based TwentyFour Asset Management, which has around 4.4 billion pounds ($6.54 billion) in assets under management.

"The transaction strengthens Vontobel's presence in the UK market, extends its fixed income product offering and underlines its commitment to broaden its asset management business through targeted investments," Vontobel said in a statement.

Vontobel said in a separate statement that it was also in talks with Bank of New York Mellon about a possible takeover of Meriten Investment Management, an asset manager in Germany. ($1 = 0.6728 pounds) (Reporting By Joshua Franklin)