Julius Baer has acquired a majority stake, rising from 30% to 80%, in Brazilian wealth manager, GPS Investimentos Financeiros e Participações (GPS).
GPS, based in Sao Paulo, is the largest independent wealth manager in Brazil with approximately CHF6 billion in assets under management (AuM) and consistent, profitable growth over the last ten years with AuM nearly doubling in the last three.
The current partners of GPS will continue to lead the business, which will keep its brand, as it begins integrating with Julius Baer’s overall structure.
Boris F.J. Collardi, chief executive of Julius Baer, said: "We are very pleased with our partnership with GPS, the leading independent Brazilian wealth manager. Our majority participation enables us to gain long-term access to one of the most attractive and promising domestic wealth management markets worldwide, and represents another key step in the execution of Julius Baer’s focused growth strategy."