The Swiss private bank is parting ways with Fransad Gestion just seven years after acquiring it.
Julius Baer is selling Geneva-based Fransad Gestion to the independent wealth manager’s management team and an industrial partner, it said in an emailed statement Thursday. The move comes seven years after the private bank bought the wealth manager.
The private bank and the wealth manager, who will continue to work together, did not disclose details of the deal.
The decision to sell the independent wealth manager ties in with Julius Baer’s strategy to reduce the complexity of its portfolio of companies, while the sale will allow Fransad to strengthen its positioning as a Swiss independent wealth manager, the statement said.
Founded in 2010 in Geneva, Fransad currently manages around 1.5 billion Swiss francs ($1.6 billion) worth of assets and offers wealth management solutions to high-net-worth individuals and entrepreneurs. It employs around twenty people, including ten relationship managers.
