LONDON - The Swiss private bank Julius Baer Group said on Tuesday that it had increased its holdings and now owned 80 percent of GPS Investimentos Financeiros e Participações, Brazil’s largest wealth management company.
Julius Baer first took a 30 percent stake in GPS in May 2011. GPS’s assets under management have doubled in the last three years, and stand at $6.46 billion.
Terms of the deal were not disclosed.
“Our majority participation enables us to gain long-term access to one of the most attractive and promising domestic wealth management markets worldwide, and represents another key step in the execution of Julius Baer’s focused growth strategy,†said Boris F.J. Collardi, the chief executive of Julius Baer.
GPS was formed as a partnership in 1999 by José Eduardo Martins, Marco Belda and Roberto Rudge. They are expected to lead the business while it is integrated into Julius Baer’s corporate structure.
After the integration, GPS, which has about 120 employees, will continue to operate under its brand name.
