Swiss private banking group Julius Baer has taken a minority stake in Nectar Financial, a Swiss fintech firm for wealth and asset management.

The financial terms of the deal or the size of the stake have not been disclosed by the companies.

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With the latest move, Julius Baer becomes the second notable investor to own a stake in Nectar. In October 2016, Partners Group co-founder Urs Wietlisbach also purchased a minority stake in the fintech firm though majority of the firm’s stake is owned by the firm’s founders and management.

Nectar co-founder and CEO Michael Appenzeller said: “We are delighted to close the financing round with a prestigious and forward looking financial services player. The bank’s investment into Nectar is a vote of confidence in the potential of our business model and of our technology.”

Nectar serves over 30 family offices, independent asset managers and banks and currently oversees over CHF35bn in client assets. In the first half of 2017, the firm unveiled its own wealth management platform.

“Our strong investor base and our financial strength have put us in an excellent position to invest in innovation and growth,” Appenzeller added.

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Meanwhile, Nectar is currently developing a digitised asset allocator for wealth and asset managers. The solution is being developed by senior specialists in artificial intelligence, machine learning and asset management hired by Nectar.

Nectar co-founder and head of product development Pius Stucki said: “The fact that we are developing our platform in close cooperation with existing clients differentiates us clearly in the competitive environment. Our solution is scalable and yet tailored to the user.”