Swiss wealth manager Julius Baer is looking for acquisitions in Latin America as part of its strategy to increase customer assets from emerging-market regions.
"We are principally interested to further grow our footprint either organically or via selected acquisitions," the bank’s CEO Boris Collardi told Bloomberg.
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"Latin America represents for Julius Baer a core market in which we want to expand further," the publication quoted him as saying.
Julius Baer added about $6.8 billion of managed client assets in the first quarter by increasing its holding in GPS Investimentos Financeiros e Participacoes SA, a manager in Brazil, the region’s largest wealth market.
On 25 March 2014, PBI reported that Julius Baer acquired a majority stake in Brazilian wealth manager, GPS Investimentos Financeiros e Participações (GPS).
According to a recent Boston Consulting Group report, private wealth in Latin America is set to increase by more than 8% annually to $5.9 trillion by 2017.
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