The transfer of Merrill Lynch’s International Wealth Business (IWM) in the Netherlands to Julius Baer has been completed.
All of the employees and client relationships of the Netherlands private banking entity had been transferred between the 10th and 11th of May.
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Gian A. Rossi, head of Northern, Central and Eastern Europe for Julius Baer, said: "I am impressed with the team’s accomplishments over the last few years despite a very challenging environment, and I am convinced they will be able to achieve their ambitious mid-term growth targets. We have also identified significant potential for hiring talented private banking professionals and enhancing our presence in the Netherlands."
Geoffrey Bruyn, former head of Wealth Management Netherlands Merrill Lynch and future head of Julius Baer (Netherlands) B.V., said: "Thanks to Julius Baer’s reputation as a leading pure private bank with global reach and its strong capital ratios, our clients very much welcome this step. Moreover, I am convinced that they will benefit from the unique local and international investment knowledge and services as well as the enhanced offering the combined businesses will be able to provide."
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