This week, Swiss bank Julius Baer has partnered with GROW Investment Group, a China-based domestic asset management company.
Julius Baer has become an investor and business partner of GROW Investment Group, enabling it to take a first step into onshore China. GROW’s clients will also gain access to Julius Baer’s global investment expertise, the firm said in a statement.
Founded in June 2021 in Shanghai, GROW is led by a team of senior investment professionals with a track record in building innovative investment and distribution platforms, the firm added. Its mission is to be a world-class, next-generation asset management firm with a focus on China.
Backed with a low double-digit million dollar equity investment by Julius Baer into GROW, the firms will set up a distribution network so that GROW’s domestic clients will gain access to selected Julius Baer offerings via Qualified Domestic Limited Partnership products, the bank said. Julius Baer’s global clients will also gain access to local investment expertise and assets via Qualified Foreign Institutional Investor products of a renowned and trusted Chinese partner
“We are delighted to participate in the evolution of onshore wealth management in China through such an unprecedented partnership," David Shick, head of Greater China at Julius Baer, said. "We are convinced that the opportunities in the sector in China are bright, and we are looking forward to gaining visibility and bringing our best-in-class solutions and expertise to Chinese clients. The cooperation between GROW and Julius Baer will undoubtedly create value for these clients and support our growth plans for this important market."
William Ma, global CIO of GROW, added: “This agreement with Julius Baer reflects their confidence in us and is testament to our best-in-class asset management capabilities and access to our onshore China network."
"I believe there are significant untapped opportunities for us in onshore China and look forward to growing our business together with Julius Baer," he said.
Zurich-listed Julius Baer has made the development of Asian business a high priority for years. For example, it has a joint venture operation in Thailand.