Swiss private bank Julius Baer has joined forces with Beijing International Wealth Management Institute to train and educate wealth managers in China.

The partnership will combine the private bank’s wealth management know-how with the Beijing institute’s academic research.

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Commenting on the collaboration, Beijing International Wealth Management Institute chairman of the board Shan Li said: “I believe this synergy will promote the continuous evolution of China’s wealth management industry towards internationalisation and specialisation.”

The Swiss bank is the first foreign firm to tie up with the institute.

The institute was set up through the support of the Beijing Municipal Government and Tongzhou District Government.

It also collaborates with Chinastone Capital, Beijing International Fortune Centre, Caijing & Barron’s China, as well as Swiss-China World Silk Road Association.

Julius Baer head of Asia Pacific Jimmy Lee said: “China is a key market for Julius Baer and we are honoured to be able to contribute to the ongoing development of the private wealth management industry through this partnership.”

China has opened up its financial services industry to foreign players in an effort to boost competition.

Several financial firms are looking to make inroads into China following the liberalisation of the market.

Among these firms is HSBC, which is looking to hire 2,000 to 3,000 wealth planners in China over four years.

Credit Suisse concluded the deal to acquire a majority stake in its China securities JV. The firm now reportedly plans to increase its stake in the JV to 100%.

This June, JPMorgan secured the clearance to assume full control of China futures business.

Goldman Sachs and Morgan Stanley also received the regulatory nod to take majority stake in their China securities JVs.