Baer in Talks to Acquire Merrill Lynch’s Non-U.S. Wealth Group

June 25, 2012

On June 19, 2012, Bloomberg News reported that Julius Baer Group is in talks with Bank of America regarding the acquisition of Merrill Lynch’s non-U.S. wealth management business.

On June 19, 2012, Bloomberg News reported that Julius Baer Group Ltd. is in talks with Bank of America regarding the acquisition of Merrill Lynch’s non-U.S. wealth management business.  Bank of America’s non-U.S. wealth management units operate in Europe, Asia, the Middle East and Latin America, and it is reported that about two-thirds of the Merrill Lynch assets for sale are in Asia and Latin America.  The Merrill Lynch unit, if the transaction is completed, is also reported to potentially sell for approximately $2 billion.  Baer, a private Swiss bank with approximately $187 billion in assets under management, is seeking to build branch networks in emerging markets.  If completed, the acquisition will complement Baer’s purchase of a 30% stake in Brazilian wealth manager GPS Investimentos Financeiros e Participacoes SA and acquisition of Macquarie Group Ltd.’s Asian private-client business in 2011.

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Categories

Investment Manager M&A, Transactions