3/4/2019, 8:34 AM (Source: TeleTrader)
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Julius Baer raises stake in NSC Asesores to 70%

Swiss wealth management group Julius Baer announced on Monday it increased its stake in Mexico's NSC Asesores to 70%. The company noted it bought an additional 30% in the Mexican firm, which manages client assets of approximately $3.5 billion, for an undisclosed sum.

"Mexico is the second largest economy in Latin America and constitutes a core market in the region for Julius Baer. The strategic partnership with NSC Asesores represents an excellent opportunity to leverage Julius Baer’s broad offering. By raising our participation to a majority stake, we will be able to increase the level of cooperation for the benefit of both companies’ clients," Beatriz Sanchez, head of Julius Baer's Latin American business, stated.

The Swiss bank noted that NSC Asesores' CEO Claudio Nunez will keep his post following the transaction and will "continue to drive the business in close cooperation with Julius Baer."

Baha Breaking News (BBN) / NP