Singaporean state fund GIC has picked a 3.09% stake in Swiss private banking group Julius Baer, Bloomberg reported.

With the move, GIC joins the ranks of top Julius Baer shareholders including Blackrock, Wellington Management and UBS Fund Management.

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The deal, whose financial terms were not disclosed, is said to serve as a breather for Julius Baer that is currently struggling to control costs.

According to the report, Julius Baer’s stock price recorded the steepest drop among the biggest Swiss firms a year ago.

During the financial crunch, GIC invested in UBS.

However, in 2017, the state vehicle reduced around half of its UBS stake calling the investment a loss.

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Last month, Julius Baer revealed that its assets under management at the end of April 2019 reached CHF427bn, a 12% rise year-to-date.

At the same time, the bank unveiled that net new money growth increased towards the end of the period following a sluggish start, driven by performance in Asia and Europe.

Meanwhile, Julius Baer announced that it placed Swiss franc-denominated Additional Tier 1 (AT1) securities in a CHF300m transaction.

The aim of the transaction, which primarily involves Swiss private banks and institutional investors, is to strengthen the capital structure of Julius Baer.

Julius Baer Group CFO Dieter Enkelmann said: ‎“We are very pleased that the Swiss AT1 investor base has warmly welcomed Julius Baer’s first Swiss franc-denominated AT1 placement since 2014.

“The Swiss franc market offered an attractive opportunity, enabling the Group to issue the securities at a coupon that is the lowest in our AT1 issuance history, thereby further underlining Julius Baer’s sound market standing.”