Pursuits
Julius Baer to Acquire Merrill Non-U.S. Wealth Units
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Julius Baer Group Ltd., the Swiss wealth manager established in 1890, agreed to buy Bank of America Corp.’s Merrill Lynch wealth management units outside the U.S. for about 860 million Swiss francs ($880 million).
The cost of the transaction totals 1.47 billion francs, including 312 million francs of after-tax integration costs and incentives to retain Merrill bankers and 300 million francs to maintain regulatory capital, Zurich-based Julius Baer said today. Julius Baer shares fell the most in almost three years.