The Swiss bank took over the activities of wealth management international of Merrill Lynch in the Middle East, including Beyrouth, Manama and Dubai.
If the integration of all activities phase should be completed in the first quarter of 2015, almost all of the assets under management will be transferred by the end of this year.
In 2012, Julius Baer purchased the international wealth management activities of Merrill Lynch based outside the United States. This new announcement turns out to be an excellent strategic addition to Julius Baer, reinforcing its presence on the main fast-growing markets and greatly expanding its asset base.
In 2014, the Group will strive to generate synergies and achieve its goals.