Julius Baer has commenced the integration of Merrill Lynch’s International Wealth Management (IWM) businesses in UK, Spain and Israel.

The step represents another major milestone in the two-year integration process and is moving ahead swiftly and in line with the original plans.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The transfer will make Julius Baer one of the largest private banks in London whereas in Spain, Julius Baer will gain a significant franchise in the local wealth management market, and in Israel the bank will strengthen its presence in the local wealth management market.

Boris Collardi, CEO of Julius Baer Group, said: "Representing more than a quarter of IWM’s entire business in scope, the integration of the UK business is crucial to the transaction. The UK will be the biggest markets by client base outside Switzerland. Also Spain and Israel will further enhance our footprint in the global private banking landscape."

Financial advisers OF IWM have transferred in all locations on 1 July 2013.

Client relationships and related assets under management of the respective businesses will transfer to the Julius Baer platforms by mid-2014 following appropriate regulations in the various jurisdictions.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

On 28 May 2013, PBI reported that Julius Baer has begun the transfer of Merrill Lynch’s International Wealth Management (IWM) business in Hong Kong and Singapore.

In August 2012, Julius Baer won the bid to buy Merrill Lynch’s IWM business, with client assets worth US$84 billion, from Bank of America (BofA).

Upcoming plans

The next businesses to transfer, expected to occur in September and October 2013, are in Bahrain, Lebanon and the UAE.

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.