Four years on from acquiring Merrill Lynch's non-U.S. wealth management business, Zurich based Julius Baer is selling an Indian based trust services firm it had inherited.
Warmond Trustees & Executors (Warmond) a Mumbai-based law firm has agreed to buy Julius Baer’s local trust services operations, in a deal that will see business as well as personnel moving over to the local Indian firm.
Formerly known as DSP Trust Services, the Indian firm became part of Julius Baer after its global acquisition of Bank of America-Merrill Lynch's private banking operations in 2012. The disposal has taken time to structure as Julius Baer only received regulatory approvals in India in 2015.
Strategic Sale
While the trusts of clients will move to Warmond, the investment platform would continue with Julius Baer Wealth Management. The Swiss bank will continue to run its flagship India wealth management business, where it manages over $6 billion in the country
«The Trust business had less than 1 percent of the assets Julius Baer manages for clients in India. Moreover, these assets will continue to be advised by Julius Baer, and only the trust administration will shift along with the company,» a Julius Baer spokesperson told finews.asia.
One of the Largest firms
Key executives including Julius Baer Trust Services Executive Director Anuradha Shah and Director Amit Pathak, along with the team of DSP Merrill Lynch Trust services, will move to the new firm.
After the transaction is complete it will make Warmond one of the largest independent players offering estate and succession planning services in India.
