ZURICH :Julius Baer is making a low-double-digit-million dollar equity investment in GROW, a China-based domestic asset management company, as part of a strategic alliance, the Swiss wealth manager said on Wednesday.
"With this partnership, Julius Baer takes a first step into onshore China and at the same time, GROW's clients will gain access to Julius Baer's global investment expertise," the Swiss bank said in a statement.
Founded in June 2021 in Shanghai, GROW aims to be "a world-class, next generation asset management firm with a focus on China", it said.
The partners will establish a distribution network so that GROW's domestic clients gain access to selected Julius Baer offerings via qualified domestic limited partnership products and Julius Baer's global clients gain access to local investment assets through qualified foreign institutional investor products.
The number of Chinese millionaires is expected to double by 2026, according to Credit Suisse's global wealth report. Total household wealth in China reached $85.1 trillion in 2021, up 15.1 per cent from a year earlier.
(Writing by Paul Carrel; Editing by Michael Shields and Rashmi Aich)