This morning the Swiss private bank, Julius Baer takes stock of its 2017 year and reveals some very good result. By reported a 14 per cent year-on-year rise in adjusted net 2017 profit to a record $864 million. At the same time, Julius Baer also announced it has agreed to buy 95 per cent of Brazilian firm Reliance Group for an undisclosed amount subject to certain performance conditions. That deal adds to a recent acquisition move in Italy.
This recent acquisitions came from one man. Bernhard Hodler who is starting his tenure at the helm of Julius Baer Group mostly where his predecessor Boris Collardi left off : expanding the Swiss private bank.
What do we now about Reliance Group ?
Reliance Group, which is based out of São Paulo, has client assets of about SFr5 billion. The closing of the transaction is expected in the second quarter of 2018 and is subject to customary closing conditions and regulatory approvals
Reliance, which employs a total staff of 70, was established in 1998. The company specialises in wealth management services for high and ultra-high net worth individuals, making it an excellent strategic and cultural fit to Julius Baer.
“This acquisition significantly strengthens Julius Baer’s strategic position in Brazil where the Group is already present with the wholly owned GPS Investimentos (GPS), the country’s largest independent wealth manager with client assets of SFr8 billion and over 120 employees,” Julius Baer said. As a result of the deal, it will boost assets run out of Brazil to about SFr13 billion.