Julius Baer To Pay BofA $885M For Overseas Merrill Unit

Law360, New York (August 13, 2012, 2:34 PM EDT) -- Julius Baer Group Ltd. will pay about 860 million Swiss francs ($885.7 million) for Bank of America Corp.’s international wealth management business — a former Merrill Lynch unit — in a deal expected to extend the Swiss bank’s global reach, it said Monday.

The deal calls for Julius Baer to pony up 1.2 percent of the wealth management unit's assets under management at the time the transaction closes, which will go down in phases starting at the end of 2012 or early 2013. While the Merrill...
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