The two Switzerland-based firms have agreed not to disclose the conditions of the merger.

WMPartners Wealth Management, the Julius Baer-owned Swiss independent wealth manager, is set to merge with Wergen & Partner Vermögensverwaltungs, a Swiss independent asset manager, in the second quarter of 2017.

Julius Baer has acquired all shares in Wergen & Partner Vermögensverwaltungs and will later integrate the company into WMPartners Wealth Management. Both parties have agreed not to disclose the conditions of the transaction, Julius Baer said in a statement. 

Zurich-headquartered WMPartners Wealth Management was founded in 1954 and has 42 employees. Wergen & Partner Vermögensverwaltungs, which was established in 2010, manages assets totalling more than SFr600 million ($606.1 million). 

Once the transaction is finalised, Manfred Wergen, founder and chief executive of Wergen & Partner Vermögensverwaltungs, will sit as a member of the executive board of the combined company under the leadership of CEO Daniel Aegerter. All partners of both companies will remain operational after the merger, Julius Baer said. 

“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,” said Aegerter.