Swiss bank JULIUS BAER has bought up private banks BANCO DI LUGANO, EHINGER & ARMAND VON ERNST and FERRIER LULLIN and an asset management unit GAM from Swiss bank UBS for 5.6 bn Swiss francs (CHF). UBS will receive 3.8 bn CHF in cash and will also take a 21.5% stake in JULIUS BAER, a private bank based in Zurich. The deal will make JULIUS BAER the leading Swiss private bank, ahead of PICTET (managing 270 bn CHF, as opposed to the previous 151 bn.