Swiss private bank Julius Baer has agreed to divest Wergen & Partner Wealth Management following a review of its strategic participations.
The ownership of the Zurich-based business will be transferred to the management of Wergen & Partner.
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The parties have entered into a corresponding agreement to execute the deal.
Financial details of the transaction were not divulged.
In a statement, Julius Baer said: “The transaction follows a review of the Group’s strategic participations and the conclusion that Wergen & Partner Wealth Management can develop best under the ownership of the existing and future management team.”
In February 2017, Julius Baer bought Wergen & Partner Wealth Management. It added that the business has been profitable and since then assets under management have doubled without providing details.
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By GlobalDataThe current Wergen & Partner team comprises six people. The members will continue to serve the company’s clients following the transaction.
The transaction is slated to close in the first quarter of this year.
Last month, Julius Baer announced that its long-standing CFO Dieter Enkelmann will step down on 1 July 2022.
Enkelmann has been serving as the CFO of the Swiss wealth management group for more than 15 years.
He will be succeeded by current deputy CFO Evie Kostakis.
