Swiss private banking group Julius Baer has completed the asset transfer of Merrill Lynch’s International Wealth Management business (IWM) in India.
This marks the completion of transfer of the IWM businesses in 18 local businesses across several regions. The IWM integration began in early February 2013.
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Julius Baer said that the volume of the asset transfer in India corresponds to more than CHF6bn. With this latest move, the overall client assets transferred as part of the IWM transaction have reached the target range of CHF57 to 72 billion.
Julius Baer Group CEO Boris Collardi said: "We are pleased that we have now completed the transfer of the IWM businesses in all locations globally and have positioned Julius Baer as the international reference in private banking, also in the global Indian community.
"The transaction represents a long-term investment into our future and marks another milestone in the expansion of our successful Asian franchise."
Thomas Meier, region head Asia Pacific of Bank Julius Baer, said: "We warmly welcome our new colleagues and clients. The business we have acquired has already been well established in India since the 90s. We believe our clients will be served with the same passion but with a stronger focus on the quality of advice and a more comprehensive range of services, building on our best-in-class open product platform."
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