Swiss fintech Nectar has attracted one of Switzerland's largest private banks as an investor – the second major such commitment in nine months.
Julius Baer will invest in the Pfaeffikon, Switzerland-based wealth management provider, Nectar said in a statement on Tuesday.
The Zurich-based private bank is the second notable investor to take a stake in Nectar: one of the founders of private equity asset manager Partners Group, Urs Wietlisbach, bought a stake last October.
A spokeswoman for Julius Baer didn't comment on the stake's size or cost.
New Research Unit
Founded in 2010 as Etops by Michael Appenzeller and Pius Stucki, Nectar provides services for family offices, asset managers and private banks. It launched its own wealth management platform earlier this year, in a bid to diversify its business.
Nectar said it is working on digitalized asset allocator for third-party wealth managers. It has hired specialists in artificial intelligence, machine learning and asset management in recent months, part of a new research unit dubbed Nectar Digital Lab.
