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Julius Baer begins transfer of Merrill Lynch’s International Wealth Management business in the UK


Julius Baer has commenced the transfer of the UK business of Merrill Lynch’s International Wealth Management (IWM). This step represents another major milestone in the two-year integration process and will make Julius Baer one of the largest private banks in London.

The UK is the last of the big markets to transfer. The integration of the new businesses is moving ahead swiftly and in line with the original plans.
Through the transfer of Merrill Lynch’s International Wealth Management business in the UK to Julius Baer, the Bank will substantially enhance its presence in this important market and is moving from a niche player to one of the largest private banks in the UK.
Gian Rossi, Member of the Executive Board and heading Northern, Central and Eastern Europe, says: “Representing more than a quarter of IWM’s entire business expected to transfer, the integration of the UK business is crucial to the entire transaction. As the second biggest market by client base outside Switzerland, the UK is also be a key market for Julius Baer overall.”
Adam Horowitz, joining from Merrill Lynch as Head of the Julius Baer business in the UK, says: “We are all very excited to join Julius Baer. Thanks to the Bank’s reputation as one of the few pure private banking players of this size with a global reach, we will be able to further build our existing strong position in this key market. I am sure that both clients and employees will benefit enormously from the extensive investment knowledge and independent advice the combined businesses will be able to provide.”
IWM’s financial advisers transferred to Julius Baer on 1 July 2013. Client relationships and related assets under management of the UK business will transfer to the Julius Baer platforms in stages and in line with appropriate regulations. The process for the UK business is expected to be completed by mid-2014.
The combined business of Julius Baer and Merrill Lynch Wealth Management will move into new premises at 1 St Martin’s Le Grand in the heart of the City in September 2013.
So far the businesses located in Switzerland, Uruguay, Chile, Luxembourg, Monaco, Hong Kong, Singapore, UK, Spain and Israel have started the transfer process and are moving ahead as planned. The next businesses to transfer, expected to occur in September and October, are in Bahrain, Lebanon and the UAE. The preparations for these transfers are well under way.
IWM is an excellent strategic fit for Julius Baer, strengthening the Group’s presence in key growth markets around the globe and significantly enlarging its asset base. The integration phase which was launched in February 2013 is expected to be completed in the first quarter of 2015, with the large majority of the assets under management targeted to be transferred in 2013.

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