Julius Bär Gruppe AG has agreed to sell 100% of the share capital in Julius Baer (Netherlands) BV to Dutch wealth manager Wealth Management Partners NV.
The sale, which is part of the Swiss group's strategy to prioritize its core markets, is not expected to have a major impact on the company's earnings and capital ratios. The group acquired the business as part of its acquisition of Merrill Lynch's international wealth management business in 2014.
Wealth Management Partners will continue to advise clients out of Amsterdam and plans to book their assets at Luxembourg-based Bank Julius Baer Europe SA.
The transaction is expected to be completed in the second quarter of 2019, subject to regulatory approval.