Swiss private bank Julius Baer has agreed to sell its trust services business in India to law firm Warmond Trustees & Executors.
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Formerly called DSP Trust Services, the Indian trust business became part of Julius Baer after its global acquisition of Bank of America-Merrill Lynch’s private banking operations in August 2012.
The trust business assists HNW clients to set up private trusts for their succession planning and acts as a corporate trustee for these trusts.
As part of the deal, the trust business as well as key executives including Julius Baer Trust Services executive director Anuradha Shah and director Amit Pathak, along with the team of DSP Merrill Lynch Trust services, will move to the new firm.
The sale will see the trusts of clients transferring to Warmond, while the investment platform will continue with Julius Baer Wealth Management.
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By GlobalDataHowever, Julius Baer will continue to operate its India wealth management business, which manages over $6bn in the country.
Following the acquisition, Warmond will become a major independent player offering estate and succession planning services in India.
