Swiss private bank Julius Baer has wrapped up the acquisition of a 95% stake in Reliance Group, a Brazilian wealth management firm.

The deal, whose terms were not disclosed, was first announced in January this year.

Sao Paulo-based Reliance manages assets of around BRL18bn ($4.8bn), primarily in advisory mandates.

Julius Baer already operates in Brazil through its subsidiary GPS Investimentos (GPS), which oversees nearly BRL29bn in assets.

The latest deal comes shortly after the Swiss bank’s acquisition of Italy’s Kairos Investment Management.

Julius Baer has operations in over 25 countries, including Dubai, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Milan, Monaco, Montevideo, Moscow, Mumbai, Singapore and Tokyo. The Zurich-based bank reported CHF401bn in assets under management at the end of April 2018.

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