Julius Baer: completes acquisition of Brazil's Reliance
(CercleFinance.com) - Swiss private bank Julius Baer said on Tuesday that it has completed the purchase of Brazilian independent wealth management firm Reliance Group.
The acquisition of 95% of the Sao Paulo-based Reliance, which was announced in last January, was closed successfully on Monday 4 June, the Zurich-based bank said.
Reliance boasts client assets of approximately 18 billion Brazilian reais (approximately 4 billion euros), mainly in advisory mandates, Julius said.
Julius Baer said this acquisition strengthens its position in Brazil, where the group already owns GPS Investimentos, the country's largest independent wealth manager, which has assets under management of approximately 29 billion Brazilian reais (approximately 6.6 billion euros).
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The acquisition of 95% of the Sao Paulo-based Reliance, which was announced in last January, was closed successfully on Monday 4 June, the Zurich-based bank said.
Reliance boasts client assets of approximately 18 billion Brazilian reais (approximately 4 billion euros), mainly in advisory mandates, Julius said.
Julius Baer said this acquisition strengthens its position in Brazil, where the group already owns GPS Investimentos, the country's largest independent wealth manager, which has assets under management of approximately 29 billion Brazilian reais (approximately 6.6 billion euros).
Copyright (c) 2018 CercleFinance.com. All rights reserved.