Swiss private banking group Julius Baer has agreed to sell 50.1% of its 70% stake in Mexico-based NSC Asesores to American registered investment adviser (RIA) firm Stratos Wealth Partners.
The current managing partners of NSC Asesores will continue to hold 30% and Stratos Wealth Partners will be the new majority owner of the company.
Julius Baer said it will retain a minority participation of 19.9% and “remains committed” to the Mexican market, which represents an “important market for the group”.
The Swiss bank acquired an initial stake in NSC Asesores in 2015. As of 31 December 2021, NSC Asesores had managed client assets in excess of $4bn (£2.99bn, €3.58bn).
Julius Baer said: “The transaction follows a review of the group’s strategic participations and the conclusion that NSC Asesores can develop and grow best under a different ownership structure.”
The financial terms of the deal were not disclosed.