Swiss pvt bank Julius Baer plans wealth management joint venture in China

Swiss private bank Julius Baer Gruppe AG plans to set up business in China in partnership with a local financial firm as part of its strategy to boost growth in Asia, people with direct knowledge of the matter told Reuters.

Julius Baer aims to establish a majority-owned joint venture to tap the rapidly growing wealth in the world’s second-largest economy and has started looking for a partner, said the people.

The plan comes as China, the world’s second-largest country by number of billionaires, has been rapidly opening up its financial sector for bigger foreign participation.

If successful, Julius Baer will be the first