The Swiss private bank is parting ways with an independent wealth manager it bought five years ago.
Zurich-based Julius Baer will sell Wergen & Partner to its management for an undisclosed price, it said in a statement on Monday. The deal follows the Swiss bank's review of its strategic holdings, in which Julius Baer concluded Wergen can best develop under existing management, it said.
Julius Baer bought Wergen, also based in Zurich, with plans to bake it into its own wealth management subsidiary, WMPartners. While this brand name disappeared a short time later, Wergen continued to use its own name after its leaders threatened an exodus of clients and advisors if they weren't left alone.
Other Stakes?
Julius Baer said Wergen had always been profitable and doubled its assets under management since then. Its current management of six will «continue to independently serve the clients of Wergen & Partner Wealth Management Ltd that are booked with various custodian banks.»
The transaction is due to conclude in the first quarter. It isn't clear what if any effect the strategic review will have on other minority stakes Julius Baer holds, including in Switzerland in Nectar, a fintech, and in crypto bank Seba.
