Julius Baer acquires 30% stake in GPS Participações

Tuesday, May 3, 2011

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.

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The bank has been operating in Chile since late 2008 and said at that time that it was seeking opportunities in Latin America.