UBS will acquire the $4 billion North American private client and business banking operations of Julius Baer. Terms were not disclosed. The deal is expected to close in the first quarter, pending regulatory approval.
"We will continue to expand both our institutional and mutual fund asset base in the U.S. market, and in addition to the existing expertise in international equities, further diversify our product offering to U.S. clients," said Walter Knabenhans, CEO of Julius Baer, in a statement. Julius Baer's U.S. assets under management currently total $18 billion, including $14 billion invested in non-U.S. equities. Mr. Knabenhans said the firm's trading and sales operations for institutional investors will remain based in New York.
Christine Walton, a UBS spokeswoman, said UBS will integrate the 55 Julius Baer staff members affected into its existing wealth management and business banking team, which managed about $74 billion for North American and Latin American clients as of the end of 2003.
