“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 , 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.