Julius Baer announces that the transfer of Merrill Lynch's International Wealth Management (IWM) business based in Ireland took place yesterday. Through this step, Julius Baer will gain a new foothold in this important wealth management market.

Julius Baer will acquire a well-established business in Ireland. Merrill Lynch has run private banking activities in Ireland since 2001 and has built a strong and entrepreneurial team of long-serving financial advisors as well as a broad client base. Over the past years, the local team has succeeded in continuously growing the business despite the highly challenging economic environment. The employees and client relationships of the Irish entity were transferred to the Julius Baer platform on 12 and 13 April 2014.

Gian Rossi, Member of the Executive Board of Julius Baer and Head Northern, Central and Eastern Europe, said: "I very much look forward to welcoming the new clients and colleagues to Julius Baer. Gaining a foothold in Ireland will enable us to further expand our footprint."

Adam Horowitz, Head UK Julius Baer, who joined the Group from Merrill Lynch earlier in the integration process, said: "Thanks to Julius Baer's reputation as a leading pure private bank with global reach, I am sure both clients and employees will benefit from the unique local and international investment knowledge and the independent advice the combined businesses will be able to provide."

John Crowe, Head of Wealth Management Ireland Julius Baer, who also joins the Group from Merrill Lynch, said: "The Team in Dublin is very excited to be part of the Julius Baer family; it is an extremely positive statement that a major Swiss Private bank such as Julius Baer is launching a new office in Ireland."

The new Irish business of Julius Baer will be run as a branch of Julius Baer International Limited based in London and cooperate closely with the parent company. The offices will be located in Central Park, Leopardstown, Dublin.

All major locations in transition phase

So far the businesses located in Switzerland, Uruguay, Chile, Luxembourg, Monaco, Hong Kong, Singapore, UK, Spain, Israel, Panama, Bahrain, Lebanon and the UAE have started or completed the transfer process as planned. The integration phase, which was launched in February 2013, is expected to be completed in the first half of 2015.

Merrill Lynch's International Wealth Management business outside the US and Japan is an excellent strategic fit for Julius Baer, strengthening the Group's presence in key growth markets around the globe and significantly enlarging its asset base.

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