The Zurich-based bank did not say how much it had paid but spoke of a “low double digit million US dollar equity investment”. “With this partnership, Julius Bär takes a first step into onshore China and at the same time, GROW’s clients will gain access to Julius Bär’s global investment expertise,” it said in a press release.
Founded in June 2021 in Shanghai, GROW is a China-based domestic asset management company with a proven track record, according to the Zurich bank, and whose mission is to be a “world-class, next generation asset management firm with a focus on China”.
“We are delighted to participate in the evolution of onshore wealth management in China through such an unprecedented partnership,” David Shick, head of Greater China at Julius Bär, is quoted as saying. “The cooperation between GROW and Julius Bär will undoubtedly create value for these clients and support our growth plans for this important market.”
Switzerland commits CHF50 million to combat rural poverty worldwide
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The Federal Council approved a contribution of CHF49.5 million ($54.1 million) for the International Fund for Agricultural Development (IFAD).
Arrests made in raid against Turkish criminal organisation
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A cross-border raid against a Turkish criminal organisation was conducted, including property searches in cantons Aargau and Zurich.
Up to 4,000 Swiss army soldiers to protect Ukraine peace conference
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The Federal Council has authorised deployment of army personnel for the Ukraine peace conference on the Bürgenstock in June.
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The business association, Swissmem, reports that there are increasing signs that the bottom of the downturn will be reached this year.
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Bank of China gets approval to open branch in Switzerland
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Bank of China announced on Monday that it had received the greenlight after completing the registration process in June. The Chinese financial institution said it wants to “build a bridge for Sino-Swiss trade and investment and play a bridging role in promoting economic, commercial and financial exchanges.” Re-designated as a global systemically important bank in…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.