ZURICH (Reuters) – Julius Baer is promoting Geneva-based wealth supervisor Fransad Gestion to its administration group, the Swiss non-public financial institution and asset supervisor stated https://www.juliusbaer.com/en/media-investors/information/julius-baer-group-sells-fransad-gestion-sa-in-a-management-buyout on Thursday, giving no monetary particulars.

“The transaction, which was executed on 1 June 2022, follows the choice of Julius Baer to cut back the complexity of its portfolio of corporations and permits Fransad to strengthen its positioning as a significant Swiss impartial wealth supervisor below the possession of the present administration group,” it stated.

Baer will proceed to work with Fransad, which manages round 1.5 billion Swiss francs ($1.56 billion) of property.

($1 = 0.9630 Swiss francs)