Julius Baer talks up Merrill acquisition

Julius Baer has unveiled plans to buy the international wealth management business of Merrill Lynch in what group CEO Boris Collardi called “the worst-kept secret over the Zurich summer”.

The deal will see Michael Benz transfer from his post as Asia-Pacific head of wealth management at Merrill Lynch to Asia chairman for Julius Baer, reporting directly to Collardi. Tom Meier remains Asia chief executive and a member of the bank’s executive board.

The transaction will see Julius Baer pay 1.2% of eventual AUM transferred, which it expects to be between SFr57 billion and SFr72 billion. Based on the latter, it will pay SFr864 million for the business....