Julius Baer Buys Merril Lynch Unit for $880 Million

“Julius Baer Group Ltd., the Swiss money manager established in 1890, agreed to pay about 860 million Swiss francs ($880 million) for Bank of America Corp. (BAC)’s Merrill Lynch wealth management business outside the U.S.

The cost of the transaction totals 1.47 billion francs, including 312 million francs of after-tax integration costs and incentives to retain Merrill bankers and 300 million francs to maintain regulatory capital, Zurich-based Julius Baer said today. Julius Baer shares fell the most in three months.”

Full article