Julius Baer has increased its footprint in the wealth management market with the purchase of Zurich-based Wergen & Partner Vermögensverwaltungs, the Swiss group has announced. The move will result in Julius Baer-owned WMPartners Wealth Management pooling its activities to create one of the largest independent asset managers within the Swiss market. The deal will also allow both companies to expand their presence across the Swiss, German and Austrian investment communities, which represent their core markets at present. Founded in 2010, Wergen & Partners oversees more than CHF600 million, while WMPartners Wealth Management was formed in 1954 and employs 42 people. Julius Baer has acquired all shares in Wergen & Partners and, following the conclusion of the transaction, Manfred Wergen, founder and CEO of Wergen & Partner Vermögensverwaltungs AG, will sit as a member of the executive board of the combined company under the leadership of CEO Daniel A. Aegerter. In a statement, Julius Baer said all partners would remain operational in the company after the merger. The deal, the value of which has not been disclosed, is set to be complete in the second quarter of 2017.
Julius Baer has become one of the largest independent asset managers in the Swiss market following its acquisition of Zurich-based Wergen & Partner Vermögensverwaltungs, whose activities will be combined with Julius Baer's WMPartners Wealth Management, enabling the two to increase their presence in core markets - Switzerland, Germany and Austria.