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Singapore Builds Up Julius Baer Stake Betting Worst Is Over

GIC fund’s move comes after bank missed new money target
Singapore cut UBS stake two years ago citing bank performance

The Julius Baer Group Ltd. headquarters in Zurich. — The Julius Baer Group Ltd. headquarters in Zurich.
Photographer: Stefan Wermuth/Bloomberg

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By Patrick Winters, Joyce Koh, and Ranjeetha Pakiam

June 4, 2019 at 6:26 AM UTC

Updated on

June 4, 2019 at 10:36 AM UTC

This article is for subscribers only.

Singapore has built up a stake of about 3% in Julius Baer Group, providing a major boost for a Swiss wealth manager that’s focused on wooing wealthy Asians.

The acquisition through sovereign wealth fund GIC Pte Ltd. will come as a relief for Chief Executive Officer Bernhard Hodler after Julius Baer’s stock fell the most among Switzerland’s biggest companies last year. The stock rose as much as 3.4% on Tuesday.