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Julius Baer to sell Wergen wealth management business

Reuters
Updated
FILE PHOTO: People walk past a branch of Swiss bank Julius Baer in Zurich

ZURICH (Reuters) - Julius Baer has agreed to sell Wergen & Partner Wealth Management to its management, the Swiss private bank said on Monday.

Julius Baer, which acquired Zurich-based Wergen in February 2017, said the company has always been profitable and had doubled its assets under management, without giving any figures.

The parties agreed not to disclose the purchase price for the deal which is expected to close in the first quarter of 2022.

(Reporting by John Revill; Editing by Tom Hogue)