At the end of April 2014, Julius Baer Group’s assets under management amounted to CHF 264bn ($297bn), an increase of 4% from the end of 2013. This included approximately CHF 53bn ($59bn) from Merrill Lynch’s International Wealth Management business (IWM) outside the US, which Julius Baer is in the final phase of transferring.
The previously communicated restructuring following the completion of the majority of the IWM asset transfers is on track, the company said. During the first four months of 2014, the “integration-related rightsizing” resulted in more than 100 employees leaving the Group.
Julius Baer also confirmed that it completed the transfer of Merrill Lynch’s IWM business based in the Netherlands in the weekend of 10-11 May, with the employees and client relationships of Merrill Lynch’s private banking entity in the Netherlands moving across to the Julius Baer platform.
In May last year, Julius Baer begun the integration of the Hong Kong and Singapore based portion of Merrill Lynch’s International Wealth Management business.
Julius Baer Group’s detailed financial results for the first half of 2014 will be published on 22 July 2014.