View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
August 13, 2012

Wealth Briefing: Julius Baer buys Bank of America Merrill Lynch non-US wealth unit

By Spear's

In a move making it one of the biggest, if not biggest, standalone wealth managers, Switzerland’s Julius Baer announced today it has agreed to buy the non-US wealth business of Bank of America Merrill Lynch

In a move making it one of the biggest, if not biggest, standalone wealth managers, Switzerland’s Julius Baer announced today it has agreed to buy the non-US wealth business of Bank of America Merrill Lynch. The deal boosts assets under management by up to 40 per cent to SFr251 billion (around $256 billion) for a price of around SFr860 million.

Julius Baer had announced back in June that it was in talks with the US banking and wealth management firm to buy the unit; other banks that had been speculated upon as potential suitors included Royal Bank of Canada.

The deal, if approved by regulators and shareholders, means Julius Baer acquires SFr81 billion of assets under management (based on 30 June figures) and more than 2,000 employees, including over 500 financial advisors.

Such an acquisition is one of the biggest such transactions in recent years. Although industry surveys frequently state that the sector will see more consolidation as a result of rising costs and pressures on margins, big M&A deals in the wealth sector have, in fact, been relatively infrequent. Some analysts, such as Christopher Wheeler at Italy’s Mediobanca, had noted that BoA Merrill Lynch had not managed to achieve critical mass in wealth management outside its important domestic US market.

To read the full story, visit wealthbriefing.com

Content from our partners
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds
Proposed non-dom changes put HNW global mobility in the spotlight
Meet the females leading in the FTSE

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network