Julius Baer starts transfer of Merrill Lynch's International Wealth Management
business in Hong Kong and Singapore, thus becoming one of the leading private
banks in Asia
Zurich/Hong Kong/Singapore, 28 May 2013 --- Julius Baer announces that, in
line with its original integration plans, the transfer of the Hong Kong and
Singapore businesses of Merrill Lynch's International Wealth Management (IWM)
started yesterday. This step represents another major milestone in the
two-year integration process and will elevate Julius Baer into the leading
group of international private banks in its second home market Asia.
The transfer of the businesses in Hong Kong and Singapore to Julius Baer's
existing entities is expected to double the Bank's assets under management in
Asia, thereby significantly strengthening Julius Baer's already strong
position in this important growth region.
Boris F.J. Collardi, Chief Executive Officer of Julius Baer Group Ltd., said:
"Representing more than a third of IWM's entire business in scope, the
integration of the Hong Kong and Singapore businesses is a crucial part of the
transaction. After the integration about a quarter of our total assets will be
managed in Asia and it will make us one of the largest international wealth
management players in our second home market. The transfer will double the
number of our local employees. With this considerable reinforcement we have
created excellent preconditions for further dynamic growth in this very
important market in the years to come."
Dr. Thomas R. Meier, Head Asia of Bank Julius Baer, added: "I very much look
forward to welcoming the new colleagues and clients. The teams on both sides
have already worked together very closely over the last few months to ensure
that the transition will continue to proceed as planned. By combining the
unique strengths and histories of both banks we will be able to provide an
even better and more comprehensive service to clients in this region."
IWM's financial advisers, their client relationships and related assets under
management of the respective businesses will be transferred to the Julius Baer
platforms in stages and in line with applicable regulations in the two
jurisdictions. The process in Asia is expected to be completed in the first
quarter of 2014.
In Hong Kong, Bank Julius Baer will eventually move its newly combined
business into One International Finance Centre, 1 Harbour View Street as its
new prime location. In Singapore, Bank Julius Baer will continue to operate
out of its existing premises at Asia Square and add an office at Mapletree
Business City. Singapore will remain Julius Baer's IT and operations hub for
Other major businesses adding further scale to follow shortly
As previously communicated, since the Principal Closing of the transaction
last February already CHF 24 billion of IWM's assets under management have
been reported by the end of April 2013. The next businesses to transfer,
expected to occur during the coming summer months, are in the UK, Spain and
Israel, which will add substantial scale to Julius Baer's global network,
especially in the UK. 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.
Media Relations, Zurich, Tel. +41 58 888 8888
Media Relations, Hong Kong, Tel. +852 2899 4839
Media Relations, Singapore, Tel. +65 6827 1490
Investor Relations, Tel. +41 58 888 5256
Provider Channel Contact
Tensid Ltd., Switzerland newsbox.ch Provider/Channel related enquiries
www.tensid.ch www.newsbox.ch firstname.lastname@example.org
+41 41 763 00 50
Press spacebar to pause and continue. Press esc to stop.