UBS AG today expanded its private banking business by buying Julius Baer Holding AG’s wealth management operations in North America for an undisclosed sum.

Julius Baer’s North American business is based in New York, with additional offices in Los Angeles, Palm Beach and Montreal. It employs 55 staff and manages more than US$ 4 billion of client assets, including custodial assets. Its operations will be integrated into the Wealth Management & Business Banking business group of UBS.

UBS says that Julius Baer’s North American operations are an ideal cultural fit for UBS. “Both focus on personalized private banking services for an international client base, long-term client relationships and an advice-centric offering,” the company said in a statement. “The acquisition demonstrates UBS’s commitment to high net worth clients in the Americas.”

The deal is subject to regulatory approvals, and isexpected to be completed in the first quarter of 2005.

“We are happy to have found a strong solution with UBS, which will serve our clients and employees best,” says Michael Baer, head of Private Banking of Julius Baer. “The sale of the U.S. private banking business will allow us to re-invest in the most promising markets for Julius Baer in Europe, South America, the Middle East and potentially South East Asia. In North America we will focus on the expansion of our fast-growing asset management business.”