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Alternative Market Briefing

Julius Baer buys Bank of Americas international wealth management business

Tuesday, August 14, 2012

amb
Daniel J. Sauter
By Beverly Chandler, Opalesque London:

More fund management consolidation news comes with the announcement that the Swiss private bank Julius Baer Group, whose motto is 'big enough to matter yet small enough to care, is to get bigger with the purchase of the Bank of America Corporations Merrill Lynchs international wealth management businesses based outside of the US.

Julius Baer focuses on providing private banking and wealth management services for sophisticated private clients, family offices and external asset managers from around the world. The purchase for an estimated 1.2% of $84bn in client assets will result in additional assets under management for Julius Baer of between CHF 57 billion ($58bn) and CHF 72 billion ($73bn), of which approximately two thirds will come from growth markets. Julius Baers existing assets under management will increase by roughly 40%. Furthermore, the resulting geographic diversification is expected to reduce Julius Baers net currency exposure to the Swiss franc.

In a statement Bank of America Corporation commented that, internationally, it will focus its management and financial resources on continuing to build its Global Banking and Markets business. The two firms have agreed to enter into a cooperation agreement whereby Bank of America Merrill Lynch will provide certain products and s......................

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