In anticipation of
spectacular growth of wealth in Asia, Julius Baer has entered a
strategic partnership with Macquarie Group, allowing the Swiss bank
to acquire its Australian counterpart’s private wealth business in
the region.
Macquarie Private Wealth Asia, which operates
from offices in Singapore and Hong Kong, manages total client
assets of around $1bn.
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Additionally, Macquarie will refer clients who
require private banking services to Julius Baer.
Two-way street
In return, Julius Baer will refer clients’
investment banking transactions to Macquarie.
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By GlobalDataAlso, more of investment banking products at
Macquarie will be available to Julius Baer’s clients in Asia, the
Swiss bank said.
The agreement is based on future private and
investment banking opportunities in North and South-East Asia.
Potential acquisition at
home
According to Germany’s
Handelszeitung, Julius Baer has made a bid to acquire a
stake in Bank Sarasin & Co.
Sarasin’s main shareholder Rabobank is
reported to have sought a reduction of its 46% equity stake in the
Swiss private bank.
Julius Baer’s spokesperson told PBI
that the bank does not comment on media speculations, but sees
Sarasin as “a good strategic fit”.
Sarasin said that it has learned that
discussions are “apparently under way with several potentially
interested parties”.
