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Julius Baer sells Zurich-based independent wealth management arm

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Julius Baer is to sell Zurich-based Wergen & Partner Wealth Management to the management of Wergen & Partner.

In a group statement on 3 January, it said the parties had signed a corresponding agreement, according to which the transaction shall be completed in Q1 2022.

The deal follows a review of the group’s “strategic participations” and the conclusion that Wergen & Partner Wealth Management can develop best under the ownership of the existing and future management team.

Julius Baer acquired Wergen & Partner Wealth Management Ltd in February 2017. The company, which has always been profitable, has since developed successfully under the unchanged leadership with assets under management doubling.

The current Wergen & Partner team of six people will continue to independently serve the clients of Wergen & Partner Wealth Management that are booked with various custodian banks.

The parties have agreed not to disclose the purchase price.