Julius Baer’s North American wealth management operations are an ideal cultural fit for UBS. Both focus on personalized private banking services for an international client base, long-term client relationships and an advice-centric offering. The acquisition demonstrates UBS’s commitment to high net worth clients in the Americas. The transaction, terms of which were not disclosed, is subject to regulatory approvals. It is expected to be completed in the first quarter of 2005.
Julius Baer’s North American wealth management business has its main location in New York, with additional offices in Los Angeles, Palm Beach and Montreal. It employs 55 staff and manages more than USD 4 billion of client assets, including custodial assets. UBS will leverage its existing infrastructure and robust product platform in the Americas to seamlessly integrate the Julius Baer business. This will benefit clients and their advisors by giving them access to the wide product range available through UBS’s integrated business model.
Martin Liechti, Head of Wealth Management International Americas at UBS, says: ”We are very excited by this transaction and privileged to be dealing with a partner like Julius Baer. Julius Baer's clients will continue to benefit from a long-standing private banking heritage. They can rely on a financial services firm with a premier credit rating and an excellent reputation in wealth management. In addition, they will benefit from the experience and expertise of UBS, and from our worldwide representation and our long-term commitment to the region."
Michael Baer, Head of Private Banking of Julius Baer, comments: "We are happy to have found a strong solution with UBS, which will serve our clients and employees best. The sale of the U.S. private banking business will allow us to re-invest in the most promising markets for Julius Baer in Europe, South America, the Middle East and potentially South East Asia. In North America we will focus on the expansion of our fast-growing asset management business."
The acquisition of Julius Baer’s wealth management operations in the U.S. is a further step in the strategic expansion of UBS's wealth management business — after transactions in Germany (Sauerborn Trust/November 2004 and Merrill Lynch Private Banking/October 2003), in the UK (Laing & Cruickshank and Scott Goodman Harris/January 2004), in France (Lloyds Bank S.A./May 2003) and in Luxembourg (American Express Bank/November 2004).
UBS
With 140 years of experience, UBS is a leading financial firm, combining financial strength with a reputation for innovation and a global culture that embraces change. UBS is one of the world's largest wealth managers, a premier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking. UBS, headquartered in Zurich and Basel, employs around 66,000 people, and has operations in 50 countries and in all major financial centers.
Julius Baer
The Julius Baer Group, whose roots go back to 1890, is one of the leading private banks in Switzerland and family controlled. The range of services offered by the Julius Baer Group includes private banking, asset management as well as securities and foreign exchange trading. The Group employs some 1,800 staff worldwide with a focus on Europe. Julius Baer Holding Ltd., Zurich, is the holding company of the Group. Its bearer shares are listed on the Swiss Exchange.
Contact information:
For UBS:
Media Relations, Zurich, Monika Dunant: Tel. +41 (0)1 234 85 00
Media Relations, New York, Christine Walton: Tel. +1-212-882-5688
For Julius Baer:
Media Relations, Zurich, Juerg Staehelin: Tel. +41 58 888 53 27
Media Relations, New York, Neil Shapiro, Intermarket Communications: Tel. +1 212 888 6115, ext 247
Zurich/Basel/New York, 6 December 2004
UBS
