Linklaters and Cleary lead on Bank of America wealth management sell-off
Linklaters and Cleary Gottlieb Steen & Hamilton have taken lead roles on Bank of America Merrill Lynch's $882m (£563m) sale of its non-US private banking operations to Swiss private bank Julius Baer Group. The London office of Linklaters is advising the Swiss bank, which will increase its assets under management by 40% through the acquisition. The team is being led by London corporate partners Matt Bland and Dan Schuster-Woldan, who worked with lawyers from the magic circle firm's New York office including UK-qualified corporate partner Casper Lawson.
August 14, 2012 at 06:29 AM
2 minute read
Linklaters and Cleary Gottlieb Steen & Hamilton have taken lead roles on Bank of America Merrill Lynch's $882m (£563m) sale of its non-US private banking operations to Swiss private bank Julius Baer Group.
The London office of Linklaters is advising the Swiss bank, which will increase its assets under management by 40% through the acquisition. The team is being led by London corporate partners Matt Bland and Dan Schuster-Woldan, who worked with lawyers from the magic circle firm's New York office including UK-qualified corporate partner Casper Lawson.
Bank of America has turned to Cleary for legal advice on the sale of its non-US wealth management business, which has roughly $84bn (£54bn) of assets under management -mostly from wealthy clients in the emerging economies.
The New York firm fielded a cross-border team led by corporate partners Paul Shim and Simon Jay, based in the New York and the London offices respectively.
Cleary has advised Bank of America on a string of deals including its sell-off in 2011 of more than half of its stake in China Construction Bank (CCB) in a deal that raised roughly $8.3bn (£5.3bn).
As part of the sale agreement Bank of America Merrill will provide services including global equity research and structured and advisory products to Julius Baer, with the two organisations agreeing to cross-refer clients.
The sale does not include Bank of America's Japanese joint venture, Mitsubishi UFJ Merrill Lynch PB Securities or international wealth management offices based in the United States.
The deal is one of a number of acquisitions by Julius Baer in recent years. In 2009, it bought the private banking unit of the Dutch firm ING for around $500m (£319m).
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllBaker McKenzie, Gibson Dunn Advise on $5 Billion KKR-Gulf Data Hub Deal
3 minute readHengeler, Noerr, Freshfields Steer Multi-Million Euro Deals for XXXLutz, Huf Group & More
3 minute readGoodwin Enlisted for $1.15 Billion GSK Acquisition of US Biopharma Business
Trending Stories
- 1Reviewing Judge Merchan's Unconditional Discharge
- 2With New Civil Jury Selection Rule, Litigants Should Carefully Weigh Waiver Risks
- 3Young Lawyers Become Old(er) Lawyers
- 4Caught In the In Between: A Legal Roadmap for the Sandwich Generation
- 5Top 10 Developments, Lessons, and Reminders of 2024
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250