Julius Baer agreed to sell its domestic business in the Netherlands with nine relationship managers and around €1bn assets under management to WMP, wealth manager based in the Netherlands.
With this move, Julius Baer's strategy is to focus its investments and physical presence in core markets worldwide, which was accelerated by opening three branches in the United Kingdom and two in Germany in 2018.
WMP will acquire 100% of the share capital in Julius Baer (Netherlands) B.V. in Amsterdam from Julius Baer Group Ltd. for an undisclosed amount. Closing of the transaction is expected in the second quarter of 2019, subject to transaction-related conditions including regulatory approvals.
The impact of the transaction on Julius Baer's earnings and capital ratios is immaterial. Julius Baer took over the business in 2014 as part of the acquisition of Merrill Lynch's International Wealth Management business.
WMP will continue to advise clients out of Amsterdam and intends to book their assets at Bank Julius Baer Europe S.A. in Luxembourg. This solution will ensure the utmost continuity for all clients affected and underpins the continued importance of the Dutch market for Julius Baer via its international coverage model.