Last updated: 12:37 / Tuesday, 2 April 2013
Further entities transferred

Julius Baer’s International Wealth Management transaction on track

Julius Baer’s International Wealth Management transaction on track

According to schedule, Julius Baer transferred further legal entities in four locations in relation to its acquisition of Merrill Lynch’s International Wealth Management (IWM) business on 1 April 2013. The entities involved are in Uruguay, Chile, Monaco and Luxembourg. This represents another major milestone in the integration process which was launched with the Principal Closing of the transaction and the related acquisition of Merrill Lynch Bank (Suisse) S.A. on 1 February 2013, said the bank in an statement.


The transfers will add substantially to Julius Baer’s existing businesses in Uruguay, Chile and Monaco. In the case of Luxembourg, Julius Baer gains a new foothold with a strong presence.


Boris F.J. Collardi, Chief Executive Officer of Julius Baer Group Ltd., said: “With the addition of Uruguay, where we are now one of the biggest players, and Chile we have expanded our business massively in the fast growing market of Latin America. In Monaco we strongly increase our presence, adding further momentum to our local business development. Moreover, we enter the market in the important financial centre Luxembourg with a substantial client base, which also opens up new business opportunities.”


The financial advisors and client relationships of the concerned entities have been transferred on 1 April 2013, whereas the client assets will be transferred in a staggered manner from Merrill Lynch to the Julius Baer platforms, in line with applicable regulations in the respective markets.


The rebranding of the entities will be completed as soon as possible after receipt of the relevant approvals of name changes from the appropriate authorities.


“The transaction is well on track. This latest step marks another major milestone in the implementation of the integration process. I am very pleased with the good progress made in the last couple of months and am confident that the upcoming transfers will take place as planned,” Boris Collardi commented.


Other major businesses adding substantial scale to follow shortly


The other major businesses to transfer, expected to occur during the remainder of the year, are in Hong Kong, Singapore and the UK. All of them will add substantial scale to Julius Baer’s global network, taking the respective local businesses into the leading group of international private banks in these markets.


The International Wealth Management business of Merrill Lynch outside the US is an excellent strategic fit for Julius Baer, strengthening the Bank’s presence in key growth markets around the globe and significantly enlarging its asset base. The integration phase which was launched in February 2013 is expected to be completed in the first quarter of 2015, with the bulk of the large entities and businesses transferring in 2013.