Swiss wealth manager Julius Baer Group has agreed to sell its domestic Brazilian wealth management business, Julius Baer Brazil, to Banco BTG Pactual for 615 million reais ( US$100.57 million ).

The group will continue to service Brazilian clients out of other locations. As such, the Brazil International business remains unaffected. In the Americas and Iberia, Julius Baer operates in Mexico, Chile, Uruguay, Colombia, and Spain.

Julius Baer Brazil ( Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários Ltda ) is an independent wealth manager in Brazil with a high-calibre client base, focused on high and ultra-high-net-worth segments, and seasoned relationship managers and investment professionals. As of November 30 2024, it had assets under management of 61 billion reais ( US$9.97 billion ).

The transaction is expected to be 30bp accretive to Julius Baer’s CET1 capital ratio at close, based on the total cash consideration of 615 million reais. It is expected to close in the first quarter of 2025, subject to customary regulatory approvals.

“Following a thorough review of our domestic business in Brazil over the past 12 months, it was concluded that for the benefit of our clients it is important to preserve the multi-family office approach, while further enhancing investment capabilities and upgrading technology,” says Carlos Recoder, head of Americas and Iberia at Julius Baer.

“The acquisition of our domestic Brazilian franchise by BTG, a leading domestic financial institution, makes this possible and allows to deliver a compelling and differentiated value proposition for our clients.”