The integration of the UK market into the Swiss bank’s operations is expected to be complete by the middle of next year. Mr Horowitz explained that because there were no contractual obligations clients were transferring over voluntarily.
He added that Merrill Lynch was a long established bank and had a highly regarded team of financial advisers, which is why many were attracted to Julius Baer, a best of breed house and pure private bank. Mr Horowitz added that the financial products on offer were not those that had been manufactured by a large investment bank.
Mr Horowitz joined Julius Baer from Merrill Lynch after the deal was struck. The bank is now one of the largest private institutions in the City. It is due to move into its new premises later this year.
Executive board member at Julius Baer, Gian Rossi, said the UK was now the bank’s second largest market after Switzerland.