(Bloomberg) -- Julius Baer Group Ltd. said it would sell its domestic Brazilian business to Banco BTG Pactual SA, the biggest independent investment bank in Latin America, for 615 million reais ($101 million).
The transaction is expected to close in the first quarter of 2025, the Swiss wealth manager said in a statement Tuesday. Julius Baer Brazil had assets under management of of 61 billion reais as of the end of November 2024, it said.
Julius Baer opened an office in Brazil in 2005 and after that bought two of the biggest family offices in the nation, GPS and Reliance, merging the firms in February 2020 and creating an entity that now has around 300 employees.
Baer said it would continue to serve Brazilian clients out of other locations and said its Brazil International business remains unaffected.
BTG has a multifamily office business with more than 40 billion reais in assets under management, and Julius Baer’s business could be combined with this strategy, people familiar with the matter previously said.
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