Julius Baer Group Ltd, the leading Swiss private banking group, Tuesday announced that it has acquired 30 per cent of São Paulo-based GPS, which includes GPS Planejamento Financeiro Ltda and CFO Administração de Recursos Ltda.

The transaction was undertaken for an undisclosed amount. GPS is the largest independent wealth manager in Brazil with approximately US$5 billion. 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 specialized 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, said Baer.

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, reiterated his delight over partnering with the leading Brazilian wealth manager, stating that through this strategic participation, Baer will gain long-term access to one of the most attractive and promising domestic wealth management markets worldwide. This move underlines Baer’s commitment to further grow and develop its business in Latin America, said Collardi.

José Eduardo Martins and Marco Belda, founding partners of GPS, commented that 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 GPS’ business offering.

The partners reiterated that the investment will create for GPS the opportunity to provide advisory services leveraged on the combined expertise of both companies.

The Julius Baer Group is the leading Swiss private banking group, focusing exclusively on the demands of sophisticated private clients, family offices and external asset managers from around the world. It has the largest international presence of all Swiss private banks with some 40 locations in more than 20 countries, including a comprehensive pan-Swiss network.