15 May 2013
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 when the Swiss bank purchased the non-US wealth arm of Merrill Lynch International Wealth Management . Total client assets grew by 12 per cent to SFr309 billion, the Zurich-listed bank said in a statement today.
2 April 2013
Julius Baer said today it has transferred four business units into its full control as part of the purchase in 2012 of the Bank of America Merrill Lynch non-US wealth management unit. The entities are in Uruguay, Chile, Monaco and Luxembourg . The financial advisors and client relationships of the concerned entities were transferred on April 1, 2013, whereas the client assets will be transferred in a staggered manner from Merrill Lynch to the Julius Baer platforms, in line with applicable regulations in the respective markets.
27 March 2013
Ending months of speculation that it was spinning off parts of its non-US wealth business, Morgan Stanley said it is selling its Europe, Middle East and Africa private wealth management business in the UK, United Arab Emirates and Italy to Credit Suisse. The financial size of the transaction, expected to be completed in the third quarter of this year, was not disclosed by Morgan Stanley . Credit Suisse said the acquired business had a total of $13 billion of assets.
15 February 2013
Switzerland and the US have signed an agreement to implement the controversial FATCA tax law to make it easier for financial institutions in the Alpine state to comply with this recent US legislation. The FATCA agreement was signed in Berne yesterday by state secretary Michael Ambühl and the US ambassador Donald Beyer . During its meeting on February 13, the Swiss Federal Council had already given the financial officials approval for the agreement to be signed.
12 February 2013
Brazil-based banking group Safra, which last year bought a controlling stake in Switzerland’s Sarasin and now owns almost all the latter bank, yesterday announced the final stage in the transaction, producing a new entity, Bank J Safra Sarasin. The head office of the renamed entity will remain in Basel, the banks said in a statement . Joachim Straehle, chief executive of Bank Sarasin, will remain CEO of the merged bank.
4 February 2013
Julius Baer said today that assets under management at the end of 2012 hit a record of SFr189 billion ($296. 8 billion), a rise of 11 per cent over the previous 12 months as a result of stronger markets, SFr9 . 7 billion of net inflows and a slightly negative currency effect.
1 February 2013
Julius Baer, which reports fourth-quarter results next week, today announced the formal end to the process of acquiring the non-US wealth management business of Bank of America Merrill Lynch. The principal closing of the transaction, announced last August and which brought in a business with SFr11 billion (around $12 . 2 billion) of assets, marks the start of a two-year transfer and integration process, the Swiss bank said in a statement.
30 January 2013
With a spate of wealth management merger and acquisition deals enacted recently, new industry data shows that more than $1. 1 trillion of assets for high net worth clients have changed hands, for a total price of $38 . 5 billion, in M&A transactions since the financial crisis year of 2008.
25 January 2013
Here is a summary of the results for the fourth quarter 2012 for some of the major US wealth management firms. Not all of the institutions here are strictly comparable, so the results need to be interpreted with that point in mind, and the various institutions break down their results differently subject to how they group their businesses . Some of the figures may, for various reasons, be subsequently revised.
18 January 2013
Bank of America’s global wealth and investment management division said net income for the final three months of 2012 rose sharply to $578 million, up from $272 million in the same period of 2011, while total revenues, net of interest costs, rose to $4. 194 billion, up from $3 . 943 billion.
News and Features
Comment and Analysis
Zürcher Kantonalbank, the biggest Swiss cantonal bank, expects to pay a fine to US authorities as part of a deferred prosecution agreement for its alleged role in helping US citizens evade taxes, media reports said.
24 May 2013
Here Diane Harrison, principal and owner of Panegyric Marketing, argues that the debate over fees in the hedge fund industry often focuses on the wrong topics.
20 March 2013
Here, Jimmy Chang, a senior portfolio manager and a managing director of Rockefeller & Co, discusses some issues around investing in the current environment.
4 April 2013
The period between 2008 and 2012 saw an uptick in risk reviewing business at New York’s Rothstein Kass Family Offices Group, says partner Evan Jehle.
9 April 2013
Building functionality into a family’s business affairs involves defining each person’s role but it’s never easy to think differently about family members who were children at the dinner table, but are now adults around the board table.
8 April 2013
Marc Odo, director of research at software and business intelligence firm Informa Investment Solutions, discusses why diversification failed during the credit crisis.
25 March 2013