Julius Baer, the Zurich based private bank, has acquired the private banking activities of Bank Leumi in Luxembourg and Switzerland in a deal that will cost up to $78 million. Both businesses combined currently hold CHF 7 billion in AuM.
This was announced alongside the bank’s half-year results which recorded an eight percent rise in assets under management (AuM), an increase of CHF 20 billion, to reach CHF 274 billion, a record for the bank. In addition, adjusted net profit rose 10% to CHF 288 million for the first half of the year.
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Boris Collardi, chief executive of Julius Baer Group, said: "We are very pleased with the strong financial performance in the first half of 2014. The substantial further asset growth of the group and the excellent net new money result led to an all-time high in assets under management. Together with the initial and accelerating materialisation of the IWM-related efficiency gains this helped deliver and substantial increase in profit."
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