(The Asset) - Julius Baer Group has agreed to sell Zurich-based Wergen & Partner Wealth Management to its management team for an undisclosed price. The deal, announced today (January 3), is expected to be completed in the first quarter of 2022.
The transaction follows a review of the Swiss group’s strategic participations, which led to the conclusion that Wergen & Partner can develop best under the ownership of its existing and future management team.
Julius Baer acquired Wergen & Partner in February 2017. It says the company has always been profitable and has since doubled its assets under management, without disclosing actual figures.
The current Wergen & Partner team of six people will continue to independently serve the firm’s clients who are booked with various custodian banks.