May 03, 2011 | by Julius Bär
|
Reading time: 2 minutes
May 03, 2011, Julius Baer Group Ltd. (‘Julius Baer’), the leading Swiss private banking group, today announced that it has acquired 30 percent of São Paulo-based GPS, which includes GPS Planejamento Financeiro Ltda. and CFO Administração de Recursos Ltda. (‘GPS’), for an undisclosed amount. GPS is the largest independent wealth manager in Brazil with approximately USD 5 billion (BRL 8.5 billion) assets under management and has enjoyed a very strong growth over the last ten years. This acquisition underlines Julius Baer’s clear strategic intention to build its wealth management business in one of the most attractive and promising domestic wealth management markets worldwide.
Like Julius Baer, GPS is specialised in discretionary portfolio management and advisory services for high net worth individuals, based on full transparency and unbiased advice, which makes it a particularly good cultural fit. The company, which employs a total staff of 84, was established in 1999 by its three founding partners José Eduardo Martins, Marco Belda and Roberto Rudge as a partnership which since then has successfully grown its client base and operations. GPS is regulated by CVM, the Securities and Exchange Commission of Brazil.
The current nine partners will continue to lead the business independently with the same team and pursue the same client-focused strategy. Julius Baer will be represented on the Board of Directors of GPS by two members.
Both parties are confident that the future close co-operation will further add growth momentum for GPS which has an excellent reputation in the Brazilian market.
Boris F.J. Collardi, CEO of Julius Baer, commented: “We are extremely pleased to enter into a partnership with the leading Brazilian wealth manager and through this strategic participation to gain long-term access to one of the most attractive and promising domestic wealth management markets worldwide. This move underlines our commitment to further grow and develop our business in Latin America.”
José Eduardo Martins and Marco Belda, founding partners of GPS, added: “Gaining the leading Swiss private banking group with their global research and market know-how as a strategic shareholder will definitely add international scale to our business offering. It will create for us the opportunity to provide advisory services leveraged on the combined expertise of both companies.”
Contact
Media Relations Telephone +41 (0)58 888 8888 Fax +41 (0)58 888 5144
Editor's note: Image rights belong to the respective publisher.
Conclusion of this article: « Julius Baer has acquired strategic minority participation in leading independent Brazilian wealth manager GPS »
Source: Julius Bär, Press release