Zurich-based WMPartners Wealth Management, part of Swiss private bank Julius Baer Group, has agreed to merge with Swiss wealth manager Wergen & Partner Vermogensverwaltungs for an undisclosed sum.

Under the arrangement, Julius Baer has initially acquired all shares in Wergen & Partner and will later integrate the company within WMPartners.

Founded in 2010, Wergen & Partner oversees more than CHF600m in assets. Julius Baer said that the consolidation will allow both companies to expand their businesses in their core markets of Switzerland, Germany and Austria.

The combined group will be headed by Daniel Aegerter as CEO. Wergen & Partner founder and CEO Manfred Wergen will join as a member of the executive board of the merged entity post deal completion that is expected in the second quarter of 2017.

“I am extremely pleased about this cooperation and am convinced that WMPartners, as one of Switzerland's leading independent wealth managers, will further expand its role as a platform for external wealth managers,” Aegerter said.