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Swiss banking group Julius Baer is entering Brazil's market after it acquired a 30% stake in São Paulo-based GPS Participações, the largest independent wealth manager in the country, for an undisclosed amount, the former said in a press release.
GPS Participações has some 8.5bn reais (US$5bn) in assets under management. The firm operates GPS Planejamento Financeiro and CFO Administração de Recursos as well.
"We are extremely pleased to enter into a partnership with the leading Brazilian wealth manager. This move underlines our commitment to further grow and develop our business in Latin America," said Boris Collardi, CEO of Julius Baer.
The bank has been operating in Chile since late 2008 and said at that time that it was seeking opportunities in Latin America.