Swiss financial company Julius Baer has increased its stake in independent Mexican wealth firm NSC Asesores by acquiring an additional 30% of the business, following its initial purchase of 40% in 2015.
NSC Asesores manages client assets of approximately $3.5bn (£2.7bn, €3.09bn).
Claudio Núñez, chief executive, and Mariví Esteve de Murga, deputy chief executive, of NSC Asesores, will remain in charge of the firm and will be in “close cooperation” with Julius Baer.
Beatriz Sanchez, head of LatAm and member of the executive board at Julius Baer, said: “Mexico is the second largest economy in Latin America and constitutes a core market in the region for Julius Baer.
“The strategic partnership with NSC Asesores represents an excellent opportunity to leverage Julius Baer’s broad offering.
“By raising our participation to a majority stake, we will be able to increase the level of cooperation for the benefit of both companies’ clients.”
The financial terms of the deal were not disclosed. The firm said the transaction is “immediately accretive to Julius Baer’s earnings per share” and will have a “modest impact” on the group’s capital ratios.