Julius Baer has started to transfer the UK business of Merrill Lynch International Wealth Management, part of
an acquisition that will make it one of the largest private banks in London.
Gian Rossi, member of the executive board and head of Northern, Central and Eastern Europe, says the UK division represents more than a quarter of the non-US business of the Merrill Lynch wealth management arm.
“The integration of the UK business is crucial to the entire transaction,” Rossi says. “As the second biggest market by client base outside Switzerland, the UK is also be a key market for Julius Baer overall.”
Julius Baer announced plans to buy the non-US wealth management arm of Merrill Lynch in August last year, which, at that time, had $84 billion of assets under management.
Julius Baer said the deal would increase its assets under management by about 40% to CHF 251 billion and its total client assets to CHF 341 billion.
The transfer of the UK business is expected to be completed by mid-2014. Businesses in Switzerland, Uruguay, Chile, Luxembourg, Monaco, Hong Kong, Singapore, UK, Spain and Israel have also started the transfer process.
The next businesses to transfer, expected to occur in September and October, will be in Bahrain, Lebanon and the United Arab Emirates.
Adam Horowitz has joined from Merrill Lynch as head of the Julius Baer business in the UK.
©2013 funds europe
