Julius Baer Plans IPO for U.S. Fund Unit, People Say
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Julius Baer Holding Ltd., Switzerland's third-largest bank, plans to sell its U.S. fund unit early next year in an initial public offering, according to two people with knowledge of the transaction.
The unit, Julius Baer Investment Management LLC, may announce the IPO by early December and complete the sale in the first quarter of 2008, said the people, who asked not to be identified because the plan is private. The New York-based division oversees more than $74 billion, mostly in equities.