Julius Baer sells Fransad business to management

JULIUS Baer is selling Geneva-based wealth manager Fransad Gestion to its management team, the Swiss private bank and asset manager said on Thursday, giving no financial details. “The transaction, which was executed on 1 June 2022, follows the decision of Julius Baer to reduce the complexity of its portfolio of companies and allows Fransad to strengthen its positioning as a major Swiss independent wealth manager under the ownership of the existing management team,” it said. Baer will continue to work with Fransad, which manages around 1.5 billion Swiss francs (S$2.15 billion) of assets. REUTERS