Posted inChina

Julius Baer buys stake in Chinese investment firm

Swiss pure play aims to tap into the country’s growing onshore wealth management market.

Global wealth manager Julius Baer has become a strategic investor and business partner of Grow Investment Group (Grow).

With this partnership, Julius Baer takes a first step into onshore China and, at the same time, Grow’s clients will gain access to Julius Baer’s global investment expertise.

Backed with a “low double-digit million US dollar equity investment” by Julius Baer into Grow, the partners will jointly establish a distribution network so that Grow’s domestic clients will gain access to selected Julius Baer offerings via Qualified Domestic Limited Partnership products.

Also as part of the deal, Julius Baer’s global clients will gain access to local investment expertise and assets via Qualified Foreign Institutional Investor products of a Chinese partner.

Bright’ future for Chinese wealth management

David Shick, head of Greater China at Julius Baer, said: “We are delighted to participate in the evolution of onshore wealth management in China through such an unprecedented partnership.

“We are convinced that the opportunities in the sector in China are bright, and we are looking forward to gaining visibility and bringing our best-in-class solutions and expertise to Chinese clients. The cooperation between Grow and Julius Baer will undoubtedly create value for these clients and support our growth plans for this important market.”

William Ma, global chief investment officer of Grow, added: “We are honoured to welcome one of the most prestigious global wealth management firms as a strategic investor.

“This agreement with Julius Baer reflects their confidence in us and is testament to our best-in-class asset management capabilities and access to our onshore China network. I believe there are significant untapped opportunities for us in onshore China and look forward to growing our business together with Julius Baer.”

This story first appeared on our sister publication, International Adviser.

Part of the Mark Allen Group.