Sat, May 23, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Julius Baer acquires assets from Israel’s Bank Leumi

Tuesday, July 22, 2014

Bailey McCann, Opalesque New York:

On the heels of news that Swiss bank Julius Baer is likely to come to a settlement with US regulators after charges that the bank helped US citizens evade their taxes, the bank has announced plans to acquire Israel’s Bank Leumi.

Julius Baer CEO Boris Collardi said on the bank's most recent earnings call that he expects to come to a settlement within the next few months. Julius Baer shares rose on the news. Credit Suisse another Swiss bank involved in similar tax troubles settled with regulators for $2.5bn in May.

The bank appears to be confident coming out of this episode, and has announced that it will acquire the international private banking assets of Bank Leumi. According to a Financial Times report, under the terms of the deal Leumi will transfer the clients of its Swiss private bank to Julius Baer, and Julius Baer will buy Leumi’s private bank in Luxembourg. The two units have a combined SFr7bn ($7.8bn) in assets.

Baer last made an acquisition of this nature in 2012, when it purchased the international side of Merrill Lynch's wealth management business.

Leumi is also under investigation for helping US residents evade their taxes, the bank has set aside $275 million for a settlement, that set-aide won't be impacted by the Baer deal.

On the call, Collardi noted that market observers can expect to see c......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Comment - Top hedge fund managers talk about how easy their jobs have gotten, BlackRock to Schroders warn of Argentina’s $20bn bond glut, The 35-year “investment supercycle” is drawing to a close, says Bill Gross, Gundlach: When the Fed starts hiking rates, 'GET OUT' of this asset class[more]

    Top hedge fund managers talk about how easy their jobs have gotten From Businessinsider.com.au: Time was, before the financial crisis hit, corporate boards treated multi-billion dollar hedge fund managers like Jehovah’s Witnesses pounding on their doors and flashing bibles. But no more.

  2. T Rowe's challenge to Dell deal may fuel critics of 'appraisal'[more]

    From Reuters.com: An increasingly popular tactic used by hedge funds and others to extract more money from buyouts could soon face a major courtroom test when a big investor in Dell Inc may argue that it should be paid a higher price for the 2013 acquisition of the PC maker. The strategy, known as "

  3. News Briefs - Ergen says LightSquared plan unfairly favors hedge funds, Why hedge fund managers make good advisory clients, I learned a lot about dad-bros after spending 4 days in Vegas with 2,000 hedge funders[more]

    Ergen says LightSquared plan unfairly favors hedge funds LightSquared Inc.’s bankruptcy plan gives hedge funds that invested in the broadband company a leg up while blocking telecommunications firms from competing with it, a fund owned by Dish Network Corp. Chairman Charles Ergen said in

  4. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  5. New market regime has created more dispersion between managers[more]

    Komfie Manalo, Opalesque Asia: The month of April has marked the transition toward a new market regime, Philippe Ferreira, Lyxor AM’s head of research, managed account platform, commented in the May 5's Weekly Briefing. "The first quart

 

banner