Julius Bär Gruppe AG said it has completed the purchase of a 95% stake in São Paulo-based independent wealth manager Reliance Group.
Financial details of the transaction, which was first announced in January, were not disclosed.
Reliance Group has client assets of about 18 billion Brazilian reais, or approximately CHF5 billion, mainly in advisory mandates, according to Julius Bär.
The Swiss group noted that the deal strengthens its position in Brazil, where it is already present through wholly owned unit GPS Investimentos Financeiros e Participações SA, which has client assets of roughly 29 billion Brazilian reais, or approximately CHF8 billion.
As of June 4, US$1 was equivalent to 3.75 Brazilian reais.
