Julius Baer, the Swiss private bank, announced it is absorbing the Ireland wealth management business of Merrill Lynch, the business acquired from Bank of America over a year ago.
Julius Baer, the Swiss private bank, announced it is absorbing the Ireland wealth management business of Merrill Lynch, the business acquired from Bank of America over a year ago. Already, a number of the Merrill Lynch IWM items have been transferred.
Merrill Lynch has run private banking activities in Ireland since 2001. The employees and client relationships of the Irish entity were transferred to the Julius Baer platform on 12 and 13 April, Julius Baer said in a statement today.
The new Irish business of Julius Baer will be run as a branch of Julius Baer International Limited based in London and cooperate closely with the parent company. The offices will be located in Central Park, Leopardstown, Dublin.
So far the businesses located in Switzerland, Uruguay, Chile, Luxembourg, Monaco, Hong Kong, Singapore, UK, Spain, Israel, Panama, Bahrain, Lebanon and the UAE have started or completed the transfer process as planned. The integration phase, which was launched in February 2013, is expected to be completed in the first half of 2015. (To see an interview by this publication with Julius Baer on how it has gone about the transfers, see here.)
Julius Baer’s total client assets amounted to SFr348 billion ($396 billion) at the end of 2013, including SFr254 billion of assets under management.