ZURICH (Reuters) - Julius Baer BAER.VX, Switzerland’s biggest dedicated wealth manager, said its hedge fund arm GAM is buying London-based Augustus Asset Managers Ltd (AAML) for an undisclosed sum.
AAML had assets of $7.6 billion (5.3 billion pounds) at the end of 2008, the majority of which related to Julius Baer-branded funds, Baer said.
AAML was established at the beginning of 2007 as a part of a management buyout from Julius Baer Holding Ltd.
Baer said the majority of the AAML mandates, mutual and hedge funds performed well in 2008 and in the first quarter of 2009.
Julius Baer comprises private bank Julius Baer, which appointed a new chief executive on Tuesday, and U.S. asset management unit Artio, which is slated for an initial public offering once market conditions allow.
Reporting by Jason Rhodes; editing by John Stonestreet