The transfer of the businesses in Hong Kong and Singapore to Julius Baer’s existing entities is expected to double the bank’s assets under management in Asia.
Julius Baer chief executive Boris Collardi said: “Representing more than a third of IWM’s entire business in scope, the integration of the Hong Kong and Singapore businesses is a crucial part of the transaction.
“After the integration about a quarter of our total assets will be managed in Asia and it will make us one of the largest international wealth management players in our second home market. The transfer will double the number of our local employees. With this considerable reinforcement we have created excellent preconditions for further dynamic growth in this very important market in the years to come.”
Julius Baer’s purchase of Merrill Lynch International Wealth Management, an arm of Bank of America Merrill Lynch, was announced in August last year.
Since then, Julius Baer has been working on a staged integration of the two businesses and in February this year announced the completion of the first stage of this process.
At the end of last month, Cazenove Capital Management, itself subject to an acquisition by UK investment giant Schroders, announced it had received a licence from the Securities and Futures Commission to open a private banking office in Hong Kong.
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