On January 31, 2018, Julius Bear announced it had acquired a majority stake in Reliance Group.
Julius Bär Group Ltd. (“Julius Baer”) acquired a 95% stake in Reliance Group (“Reliance”) subject to certain performance conditions. The 13 partners of Reliance will continue to the lead the business with the same team. The terms of the deal were not disclosed. The transaction is expected to close second quarter of 2018 subject to customary closing conditions and regulatory approvals.
Julius Baer (SIX: BAER) is a Zurich-based private banking group that provides structured products, investment advisory, real estate financing, and other financial services.
Reliance is a Sao Paulo-based wealth management firm specializing in services for high net worth individuals with client assets of approximately BRL 17 billion.
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