September 27, 2018 / 6:32 AM / 10 months ago

Julius Baer and Nomura team up in Japan

FILE PHOTO: The logo of Swiss private bank Julius Baer is seen at the bank's headquarters in Zurich, Switzerland February 1, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Japan’s Nomura (8604.T) has bought a minority stake in Swiss private bank Julius Baer’s (BAER.S) Japanese outfit, joining up Baer’s wealth management services with the Japanese broker’s high-net-worth franchise in the country.

“The strategic partnership with Japan’s premier securities firm represents a major milestone in our business strategy for Japan,” Baer Chief Executive Bernhard Hodler said in a statement on Thursday.

Nomura - Japan’s biggest brokerage and investment banking group - will acquire a 40 percent shareholding in the Swiss group’s Japanese subsidiary. Following completion, the unit will be renamed Julius Baer Nomura Wealth Management Ltd. It gave no financial terms.

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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