Monday, December 06, 2004
UBS NoAm Private Banking Deal
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Printed from NewYorkBusiness.com 12/6/04
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UBS in private banking deal
UBS signed an agreement to acquire Julius Baer's private banking operations in North America.
Baer's North American wealth management business employs 55 people and manages more than $4 billion in client assets. It is based in Manhattan and has additional offices in Los Angeles, Palm Beach and Montreal. The operations of Baer will be integrated into the wealth management and business banking group of UBS.
Baer, which is based in Switzerland, says the deal will help it focus on its asset management business in North America and extend its private banking business in Europe, South America, the Middle East and potentially Southeast Asia.
UBS, which is also based in Switzerland, has been expanding its wealth management business with recent deals in Germany, the U.K., France and Luxembourg.
The transaction, terms of which were not disclosed, is expected to be completed in the first quarter of 2005, subject to regulatory approvals.
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Printed from NewYorkBusiness.com 12/6/04
--------------------------------------------------------------------------------
UBS in private banking deal
UBS signed an agreement to acquire Julius Baer's private banking operations in North America.
Baer's North American wealth management business employs 55 people and manages more than $4 billion in client assets. It is based in Manhattan and has additional offices in Los Angeles, Palm Beach and Montreal. The operations of Baer will be integrated into the wealth management and business banking group of UBS.
Baer, which is based in Switzerland, says the deal will help it focus on its asset management business in North America and extend its private banking business in Europe, South America, the Middle East and potentially Southeast Asia.
UBS, which is also based in Switzerland, has been expanding its wealth management business with recent deals in Germany, the U.K., France and Luxembourg.
The transaction, terms of which were not disclosed, is expected to be completed in the first quarter of 2005, subject to regulatory approvals.
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# posted by Tom @ 1:30 PM 
