Julius Baer has transferred legal entities in four locations in relation to its acquisition of Merrill Lynch’s International Wealth Management (IWM) unit, keeping the integration process, launched on 1 February 2013, on schedule.
The entities involved are in Uruguay, Chile, Monaco and Luxembourg.
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The transfers will add substantially to Julius Baer’s existing businesses in Uruguay, Chile and Monaco, the bank said. In the case of Luxembourg, Julius Baer gains a new foothold and a stronger presence.
Boris Collardi, chief executive officer of Julius Baer Group Ltd., said: "With the addition of Uruguay, where we are now one of the biggest players, and Chile we have expanded our business massively in the fast growing market of Latin America."
"We enter the market in the important financial centre Luxembourg with a substantial client base, which also opens up new business opportunities," Collardi said.
The financial advisors and client relationships of the concerned entities were transferred on 1 April 2013, whereas the client assets will be transferred in a staggered manner from Bank ofAmerica (BofA) Merrill Lynch to the Julius Baer platforms, in line with applicable regulations in the respective markets.
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By GlobalDataThe rebranding of the entities will be completed as soon as possible after receipt of the relevant approvals of name changes from the appropriate authorities, Julius Baer said.
The other major businesses to transfer, in Hong King, Singapore and the UK, are expected to take place over the course of 2013.
