Swiss private bank Julius Baer is close to gaining approval for the flotation of its US asset management business, the firm said, according to media reports.

Julius Baer did not, however, comment on whether it plans an immediate move after gaining approval, reports said.

Analysts at Vontobel, the Swiss private bank, said an initial public offiering is due in a matter of weeks.

In May, Julius Baer said the timing of an IPO will depend on market conditions going forward and therefore a public listing in 2009 is not guaranteed