Nomura buys stake in Julius Baer unit to serve wealthy Japanese

[ZURICH] Nomura Holdings agreed to buy 40 per cent of Julius Baer Group's unit that targets wealthy individuals in Japan as part of a strategic partnership.

Nomura will invest seven million Swiss francs (S$9.9 million) in the unit, which will be called Julius Baer Nomura Wealth Management once the deal has been completed. As part of the agreement, Julius Baer will offer discretionary mandates to Nomura's ultra-rich Japanese clients.

"The strategic partnership with Japan's premier securities firm represents a major milestone in our business strategy for Japan," Julius Baer chief executive officer Bernhard Hodler said in a statement on Thursday. By working with Nomura, "we can best share our internationally diversified offering with a new audience and maximise the value of our presence in Japan", he said.

Julius Baer has been growing its business in recent years through a hiring spree, acquisitions and partnerships. The bank formed a partnership with Siam Commercial Bank in Thailand earlier this year.

BLOOMBERG