The Swiss bank is planning to establish an onshore presence and has started looking for potential partners.
Julius Baer wants to open a wealth management joint venture in China as part of its strategy to boost growth in Asia and tap the rapidly growing wealth market, «Reuters» reported on Friday, citing people familiar with the matter.
If successful, Julius Baer would be the first major private bank to set up a wealth management joint venture in China. The bank will likely make a decision on its Chinese partner early next year, before formally starting the application process, the report said.
Key Asian Market
China is a key market for Julius Baer, which in Asia is overseen by wealth veteran Jimmy Lee. The region accounts for 26 percent of assets by client domicile, surpassing second-ranked western Europe’s 25 percent. The region fueled the group’s growth across key indicators including new money, profits and assets in the first half of the year.
The firm also recently inked a partnership with a wealth management institute based in Beijing, in a bid to foster education among Chinese private bankers.
