Finma has given the green light to the takeover of the asset manager Dynagest by the Banque Profil de Gestion, in a deal which was first flagged in April, the bank said Wednesday.

Banque Profil de Gestion will get a significant boost from the deal, acquiring the 2.6 billion Swiss francs ($2.64 billion) managed by Dynagest, and more than tripling its client assets from 940 million francs at the end of last year to around 3 billion francs. The Geneva bank will absorb 20 employees from Dynagest.

Raiffeisen Schweiz and DG Investment Holding both held minority stakes in Dynagest, which once belonged to funds-boutique subsidiary TCMG, and which Raiffeisen under former CEO Pierin Vincenz has planned to use to expand into asset management. The plans fizzled – and a large part of the funds business was sold to Vontobel in 2016. With the Profil de Gestion deal, Dynagest has now found another home.