Julius Baer subsidiary inks partnership deal with fintech in Brazil

GPS, a Brazilian company of the Julius Baer Group, has signed a partnership agreement with the local digital financial advisor Magnetis, in which it will acquire a minority stake, the Swiss bank has announced. With its current Brazilian presence - through the fully-owned subsidiaries GPS with BRL31bn (CHF8bn) in AuM, and Reliance Group with BRL20bn (CHF5bn) in AuM - Julius Baer is the largest local independent wealth manager. Over the course of two years, GPS will acquire a minority stake in Magnetis, which manages BRL250m in AuM, for an undisclosed amount. Beatriz Sanchez, Head La...