Luxembourg-headquartered Banque Havilland and La Française Bank have signed a partnership that will see La Française Bank transfer its Luxembourg private banking activity to Banque Havilland.

Luxembourg-headquartered Banque Havilland and La Française Bank have signed a partnership that will see La Française Bank transfer its Luxembourg private banking activity to Banque Havilland.    

All assets will be deposited with Banque Havilland, with La Française Bank continuing to manage existing discretionary mandates, Banque Havilland said in a statement.

The transfer is effective from the end of May 2014 and includes all existing accounts and assets under management.

La Française said that the deal was part of the group’s overall development strategy to refocus its international private banking activity on servicing private clients through third-party discretionary asset management.

“From Banque Havilland’s point of view this transaction is perfectly aligned with our strategy to expand our ultra high net worth client base in the Benelux region as well as in France and amongst the international French communities. Such a partnership will enable us to build a long-term presence in these markets. As a relatively new bank we also welcome the ability to provide our clients with a complete institutional-style asset management service which is the strength of La Française,” said Jean-François Willems, chief executive at Banque Havilland.

In addition to the transfer of assets, the La Française Bank client relationship managers will move over with their clients to Banque Havilland.

The move follows the acquisition last year by Banque Havilland of the private banking business of Banque Pasche Monaco. The deal saw Banque Havilland take on Banque Pasche's entire client book, including clients from markets with high growth potential such as Latin America and Russia. For more on this story, click here.

Banque Havilland’s London branch opened at the start of 2013, following on from the Monaco launch in early 2012. Launched in 2009, the bank is owned by the Rowland family, the patriarch of which is property tycoon David Rowland.

The family initially looked into applying for a bank licence in Switzerland but eventually took the option of acquiring the banking licence, infrastructure and assets of the former Kaupthing Bank Luxembourg.

Banque Havilland offers selected clients with a corresponding risk appetite the opportunity to co-invest with the Rowland family, which it sees as one of its key differentiators.

The family connection is also evident in the running of the bank, with seven of Rowland’s eight children involved in its management, while he himself serves as the bank’s honorary president.