Julius Baer lauds Merrill purchase

Julius Baer talks up Merrill acquisition

Group CEO Boris Collardi offers assurances that the Swiss private bank can successfully integrate the international wealth management business of brokerage Merrill Lynch.
Boris Collardi says Julius Baer will not be changing its culture
Boris Collardi says Julius Baer will not be changing its culture

Julius Baer has unveiled plans to buy the international wealth management business of Merrill Lynch in what group CEO Boris Collardi called “the worst-kept secret over the Zurich summer”.

The deal will see Michael Benz transfer from his post as Asia-Pacific head of wealth management at Merrill Lynch to Asia chairman for Julius Baer, reporting directly to Collardi. Tom Meier remains Asia chief executive and a member of the bank’s executive board.

The transaction will see Julius Baer pay 1.2% of eventual AUM transferred, which it expects to be between SFr57 billion and SFr72 billion. Based on the latter, it will pay SFr864 million for the business....

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