Swiss bank Julius Baer focuses on growth in Latin America with high interest in Chile
Although global investment banks have been adjusting their operations in recent years, cutting thousands of jobs, coupled with an increasingly challenging environment for asset management, Swiss bank Julius Baer is taking a different path.
The firm has been growing in emerging markets, especially in Latin America, according to the entity's regional head and Julius Baer's executive committee member Beatriz Sanchez, the entity has a "very positive" view of neighboring countries, which it projects as "a region with a lot of potentials.
In the first country, the firm strengthened its presence through the purchase of 95% of Reliance Group in 2018. To this is added the purchase they had already made of GPS Investimentos. In Mexico, the firm acquired 70% of NSC Asesores.
"Our strategy is to focus on key markets, where we think we can have the scale and make an important contribution," said Sanchez, adding that the goal is to rank among the top five international investment banks with operations in the region.
Plans in Chile
Although the country is not among the most relevant positions of Julius Baer in the region, it is within its growth focuses.
"If you look at our strategy in Latin America, Chile is one of the markets where we are most focused on growth," she said to Diario Financiero.
The Swiss capital firm arrived in Santiago in 2008, opening a representative office and in 2017 obtained a portfolio management license from the Commission for the Financial Market (CMF).
Since then, they have doubled the staff in the Chilean office from ten at the end of 2016 to the 20 currently working there.
"In Chile we are hiring people, growing and analyzing how we can make strategic agreements," like the one they have with BICE Inversiones, said Sánchez.
On potential acquisitions in the country, the executive indicates that there is nothing in the pipeline but that they are always evaluating options.
Internationally, Julius Baer manages around US$ 423 billion and employs 6,768 people.US$ 423 billion and employs 6,768 people.
Source: Diario Financiero