Julius Baer announced today that it has started to transfer the Hong Kong and Singapore businesses of Merrill Lynch International Wealth Management that it acquired in 2012.

Julius Baer announced today that it has started to transfer
the Hong Kong and Singapore businesses of Merrill Lynch International Wealth Management
that it acquired in 2012, continuing a process that has made the Zurich-listed
bank one of the world’s biggest stand-alone wealth management firms.

“This step represents another major milestone in the two-year
integration process and will elevate Julius Baer into the leading group of
international private banks in its second home market Asia,” Zurich-listed
Julius Baer said in a statement.

“The transfer of the businesses in Hong Kong and Singapore to Julius Baer’s existing entities is
expected to double the bank’s assets under management in Asia,
thereby significantly strengthening Julius Baer’s already strong position in
this important growth region,” the bank said.

Earlier in May, Julius Baer said assets under management rose 16 per cent
between the end of last year and the end of April 2013, standing at SFr220
billion ($227.9 billion), boosted by the SFr24 billion in assets acquired from
Merrill Lynch’s non-US wealth management arm. Total client assets grew by 12
per cent to SFr309 billion, the Zurich-listed bank said in a statement today.

“Representing more than a third of IWM’s entire business in
scope, the integration of the Hong Kong and Singapore businesses is a crucial
part of the transaction. After the integration about a quarter of our total
assets will be managed in Asia and it will
make us one of the largest international wealth management players in our
second home market. The transfer will double the number of our local employees,”
Boris Collardi, chief executive of Julius Baer, said.

Merrill Lynch IWM’s financial advisors, their client
relationships and related assets under management of the respective businesses
will be transferred to the Julius Baer platforms in stages and in line with
applicable regulations in the two jurisdictions. The process in Asia is expected to be completed in the first quarter of
2014, Julius Baer said in a statement.

In Hong Kong, Bank Julius
Baer will eventually move its newly combined business into One International
Finance Centre, 1 Harbour View
Street as its new prime location. In Singapore, Bank Julius Baer will continue to
operate out of its existing premises at Asia Square and add an office at Mapletree Business City.
Singapore will remain Julius
Baer’s IT and operations hub for Asia.

As previously announced, since the principal closing of the
transaction last February, already SFr24 billion of Merrill’s assets under
management have been reported by the end of April 2013.

“The next businesses to transfer, expected to occur during
the coming summer months, are in the UK,
Spain and Israel, which will add substantial scale to
Julius Baer’s global network, especially in the UK. The preparations for these
transfers are well under way,” Julius Baer said.