Europe
julius baer completes first stage of merrill lynch
Julius Baer has completed the “principal closing” of its acquisition of Merrill Lynch’s International Wealth Management business from Bank of America.
lux funds industry reveals record aum
Luxembourg’s fund industry saw assets under management of Lux-domiciled funds touch a record level at the end of last year, helped by both inflows and investment gains, but it is finding retail investors still wary.
euro adviser makes case for restricted commission
European trade body member Graham Reid has called for rate of commission to be restricted rather than banned outright in a letter to Michel Barnier, European commissioner for internal markets and service.
bw oakfield sets up offshore interest group
BW Oakfield, the Isle of Man-based trust and corporate service provider, has established an ‘offshore special interest group’ to enable parent company Kreston International’s worldwide fiduciary firms to network more effectively.
ecb number of eurozone financial institutions
The number of banks and other so-called ‘monetary financial institutions’ in the eurozone fell by 6% last year, continuing a long-term trend, the European Central Bank said in a statement.