Global private banking group Julius Baer has sold Geneva-based Fransad Gestion SA to the management team of the independent wealth manager for an undisclosed sum.
The team have completed the buyout to pursue their own growth strategy.
As a result of the transaction, Fransad will no longer belong to the Julius Baer Group, however, both parties “will maintain a partnership going beyond traditional custodian services”.
Founded in 2010 in Geneva, Fransad manages around CHF1.5bn (£1.24bn, $1.56bn, €1.45bn) of assets.
The firm employs around 20 people, including 10 relationship managers.
