This publication brings latest news of developments in the world's wealth management sector.
Swiss private bank Julius Baer has said it will keep its eye on acquisition opportunities arising from the ongoing industry consolidation.
In his speech at the Zurich-headquartered bank's annual general meeting, chief executive Boris Collardi explained that certain new markets cannot be accessed within a reasonable time frame without acquisitions.
“We want to profit from the ongoing industry consolidation if opportunities arise. But all that glitters is not gold, so in the future we will continue to very carefully scrutinise and consider whether potential takeover candidates meet our strict strategic, cultural and financial criteria,” said Collardi.
Last year, Julius Baer acquired a 40 per cent stake in NSC Asesores, which it claims is the largest independent wealth manager in Mexico. In January 2016, the bank agreed to buy a 5 per cent stake in Shanghai-based wealth manager Jupai Holdings and more recently, it bought an increased stake in Italian wealth and asset management firm Kairos, acquiring an additional 60.1 per cent of the company, following its initial purchase of 19.9 per cent in 2013.
Julius Baer’s total client assets stood at SFr 385 billion ($500 billion) at the end of 2015, including SFr 300 billion of assets under management.