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Julius Baer sells Fransad business to management

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Logo of Swiss private bank Julius Baer is seen in Zurich
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ZURICH (Reuters) - Julius Baer is selling Geneva-based wealth manager Fransad Gestion to its management team, the Swiss private bank and asset manager said https://www.juliusbaer.com/en/media-investors/news/julius-baer-group-sells-fransad-gestion-sa-in-a-management-buyout on Thursday, giving no financial details.

"The transaction, which was executed on 1 June 2022, follows the decision of Julius Baer to reduce the complexity of its portfolio of companies and allows Fransad to strengthen its positioning as a major Swiss independent wealth manager under the ownership of the existing management team," it said.

Baer will continue to work with Fransad, which manages around 1.5 billion Swiss francs ($1.56 billion) of assets.

($1 = 0.9630 Swiss francs)

(Reporting by Michael Shields; Editing by Riham Alkousaa)

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