Zurich-headquartered Julius Baer has successfully transferred Bank Leumi’s private banking clients, after an acquisitionannouncement was made in July 2014.
Clients with assets under management (AuM) of more than CHF 4.2bn ($4.4bn) and more than 30 employees, including 20 relationship managers, have been transferred from Leumi Private Bank AG in Geneva and Zurich to the Julius Baer platform.
In July 2014, PBI reported that Julius Baer acquired Leumi’s private banking divisions in Luxemborg and Switzerland, in a deal that was worth $78m.
Boris Collardi, chief executive of Julius Baer Group, said that at the time of the acquisition, the further asset growth of the group was substantial and the "excellent net new money result led to an all-time high in AuM".
Julius Baer’s AuM amounted to CHF 291bn as of December 2014.