M and A
Julius Baer Agrees To Spin Off Zurich-Based Wealth House
The management of the Zurich-based wealth management firm is detaching itself from Julius Baer through an MBO. Financial terms of the transaction were not disclosed.
Julius Baer has
agreed to sell its entire stake in Zurich-based Wergen & Partner
Wealth Management, which it bought in early 2017.
The bank, which acted after reviewing its strategic
participations, concluded that Wergen & Partner Wealth Management
would develop most effectively under its own management.
The Wergen & Partner team of six people will continue to serve
the clients of Wergen & Partner Wealth Management Ltd who are
booked independently with various custodian banks. The
transaction is due to be closed in the first three months of
2022, Julius Baer said in a statement yesterday.
Among other M&A deals, in early October, Julius Baer said
that its profits, which “rose significantly” in the first ten
months of 2021 amid growth in client assets and improvements to
cost efficiency, were aided by almost no credit losses. Assets
under management rose to SFr484 billion ($520.2 billion) at the
end of October 2021, a year-to-date increase of 12 per cent.
In September, Julius Baer folded parts of its local Swiss
business under a new roof, and put its strategy for the Alpine
state’s home market into action.