The deal was originally announced in August last year and the principal closing marks the beginning of an approximately two year business transfer and integration phase. As a first step of this integration, Julius Baer acquired the Geneva-based Merrill Lynch Bank (Suisse) which has offices in both Zurich and Dubai and around CHF11bn in assets under management.
Merrill Lynch Bank (Suisse) is expected to be merged into Bank Julius Baer & Co this summer.
Boris Collardi, chief executive of Julius Baer said: “The principal closing marks the beginning of a new era for our Group: together with our new colleagues we endeavour to build the new reference in private banking, setting new standards in our industry for the benefit of our sophisticated clientele.
“The International Wealth Management (IWM) business is an excellent strategic fit, strengthening Julius Baer’s presence in key growth markets and significantly enlarging our asset base.”
Julius Baer said during the two year integration period, IWM entities, financial advisors, their client relationships and related assets under management will be transferred to Julius Baer in a staggered process in more than 20 locations.
