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Julius Baer Finalises Legal Merger Of Merrill Lynch (Suisse)
Eliane Chavagnon
3 June 2013
Julius Baer has completed
the legal merger of Geneva-based Merrill Lynch and its branches in Zurich and
Dubai, in a move adding SFr11 billon in assets under management . The move is part of
the 2012 purchase of Bank of America Merrill Lynch’s non-US wealth management business. “At the time of principal
closing of Julius Baer’s acquisition of Merrill Lynch’s international wealth management
business outside the US on 1 February 2013, MLBS was the first business to transfer
to the Julius Baer Group,” the Zurich-listed firm said in a statement today. At the legal merger,
which took place on 31 May, “MLBS as a legal entity ceased to exist”, the firm said. The business continues to operate however under the Julius Baer brand, with new functional
reporting lines in place. The final step of the
integration of MLBS into Julius Baer will be the technical merger, it said, which is
expected to take place in the first quarter of 2014.