Mumbai: In a first in the domestic private wealth management space, city-based Warmond Trustees & Executors has acquired the private wealth management business of Swiss major Julius Baer Trust Company for an undisclosed sum.
Warmond, which specialises in trusteeship, estate planning and e-wills, claimed this is the first acquisition in the domestic private wealth management space wherein a domestic firm is acquiring the business of a multi-national here.
Julius Baer came to the country some years back after acquiring private wealth business of erstwhile DSP Merrill Lynch Trust Services.
Under the deal, the asset under management of Julius Baer in the country will move to Warmond, but the investment platform will continue to be with the Swiss company, Warmond said.
While Julis Baer could not be reached, Warmond did not share deal value.
The deal also includes Warmond absorbing the key Julius Baer executives along with the team of erstwhile DSP Merrill Lynch Trust Services.
Warmond, which has pioneered the concept of electronic will-writing in the country, is promoted by law firm SNG Partners headed by Rajesh Narain Gupta.