Julius Baer Group Ltd., the third-largest Swiss wealth manager, agreed to acquire WMPartners Wealth Management Ltd. for a merger with its Infidar Investment Advisory Ltd. unit.
Julius Baer plans to integrate the two asset managers to create a company with 50 employees, overseeing more than 4 billion Swiss francs ($4.4 billion) of client funds, the Zurich-based bank said in an e-mailed statement today. The terms of the transaction weren’t disclosed.
“The new company will remain completely independent with regard to investment decisions and choosing its custodian banks,” Yves Robert-Charrue, head of independent asset managers and global custody at Julius Baer, said in the statement. “At the same time, it will be able to handle the increasingly complex requirements that we are seeing nowadays.”
Julius Baer owns a majority stake in Infidar, which was established in 1954 in Zurich. The combined company will be run by Heiner Grueter, chief executive officer of WMPartners, according to the statement.
Julius Baer expects the transaction to be completed in the first quarter of 2014.
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