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Julius Baer to acquire minority participation in leading Mexican financial advisory firm NSC Asesores

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Julius Baer is to acquire a 40 percent participation in the leading independent financial advisory firm in Mexico, NSC Asesores, for an undisclosed amount. The transaction marks Julius Baer’s entry in the second largest wealth management market in Latin America and underlines the Group’s commitment to further extend its footprint in this important growth region.

Zurich/Mexico City, 20 July 2015 – Julius Baer, the leading Swiss private banking group, has announced today that it has entered into an investment agreement with NSC Asesores, S.A. de C.V., Asesor en Inversiones Independiente (‘NSC Asesores’) under which it will acquire 40 percent of the largest independent financial advisory firm in Mexico, for an undisclosed amount. NSC Asesores, which is based in Mexico City, manages assets of close to USD 3.0 billion and has enjoyed strong growth in the past years. The acquisition marks Julius Baer’s entry in the second largest wealth management market in Latin America. The closing of the transaction is expected for Q3/Q4 2015, following the completion of the closing conditions.

NSC Asesores is specialised in discretionary portfolio management and advisory services for high net worth individuals, based on independent, conflict-of-interest-free advice, which makes it a particularly good cultural fit. The company was founded in 1989 and is currently led by its 11 partners, of whom Claudio Núñez acts as CEO and Mariví Esteve as Head of Strategic Planning. It employs a total staff of 52. NSC Asesores is the oldest Mexican independent advisory firm and a founding member of la Asociación Mexicana de Asesores Independientes de Inversiones, A.C., (AMAII), a self-regulatory body of independent financial advisors in Mexico.

The current management team will continue to lead the business independently with the same staff and pursue the same client-focused strategy. Julius Baer will be represented on the Board of Directors of NSC Asesores by two members. Both parties are confident that the future close cooperation and combined capabilities, as well as the experience of both groups, will add further growth momentum to NSC Asesores business development.

Boris F.J. Collardi, CEO of Julius Baer, commented: “We are very pleased to enter into a partnership with the leading independent financial advisory firm in Mexico. Through the participation we gain access to one of the largest and most promising domestic wealth management markets in Latin America. The transaction underlines the Group’s commitment to further extend its footprint in this important growth region.”

Gustavo Raitzin, Region Head Latin America and Israel at Julius Baer, said: “Julius Baer’s and NSC Asesores’ partnership was borne out of common values and a shared client-centric philosophy. By joining forces, we can help propel NSC Asesores to the next phase of growth, in a market that is a cornerstone of our Latin America strategy.”

Claudio Núñez, CEO of NSC Asesores, said: “We are delighted to gain the leading Swiss private banking group as a partner. Through our close collaboration we will get access to Julius Baer’s extensive international network and expertise, which we can leverage for our own advisory services. In this way, we will be able to add considerable value for our clients. This partnership with one of the most prestigious independent Swiss wealth managers will certainly enhance our client experience.”