Julius Baer takes over local Merrill Lynch operations
Services transfer ends by the first quarter 2014
The Swiss private banking group Julius Baer has taken over Merrill Lynch’s International Wealth Management (IWM) businesses based in Lebanon, Bahrain and the UAE.
“Gaining new footholds in the Middle Eastern markets of Lebanon and Bahrain and strengthening our existing Dubai presence is an important step for us and will enable us to further expand our footprint in this key growth region,” said Rémy Bersier, Member of the Executive Board of Julius Baer and Head, Southern Europe, Middle East and Africa.
The employees, client relationships and the majority of the assets of the Middle Eastern businesses were transferred in the first days of December 2013. The process is expected to be completed in the first quarter of 2014, Julius Baer said in a statement.
Fred Hilal, who joined Julius Baer along with his team from Merrill Lynch as Head, Middle East Domestic, said, “We are pleased to join Julius Baer. Thanks to the Bank’s position as a leading private banking player with global reach, I am sure both clients and employees will benefit from the investment knowledge and advice the combined businesses will provide.”
This process is part of Julius Baer’s attempts to integrate Merrill Lynch’s IWM business outside the US. The businesses located in Switzerland, Uruguay, Chile, Luxembourg, Monaco, Hong Kong, Singapore, UK, Spain and Panama have also started the transfer process and are moving ahead as planned, the statement said.
Reported by Leila Rahbani
Date Posted: Dec 19, 2013