Julius Baer, the Swiss wealth manager, has become the latest entrant to the Turkish market after being granted a license to open a representative office in Istanbul, Wealth Bulletin reports.
The office, which is due to open later this year, will serve as a point of contact to further strengthen links with local market participants. Julius Baer will also use its local presence to identify investment opportunities in the region. A spokesman would not comment further.
Merrill Lynch announced plans to open a Turkish office two months ago. The Istanbul private office will launch in the third quarter, as will a wealth management office in Moscow. Merrill is also recruiting new teams for Greece and other countries, which were not disclosed.
The full story is available at the Wealth Bulletin web-site.