Julius Baer raises stake in Brazilian wealth manager GPS

ZURICH, March 25 Tue Mar 25, 2014 2:14am EDT

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ZURICH, March 25 (Reuters) - Julius Baer said on Tuesday it had acquired a majority stake in Brazilian wealth manager GPS as it looks to increase its presence in Latin America's largest wealth management market.

The Swiss private bank increased it holding in GPS Investimentos Financeiros e ParticipaƧƵes S.A to 80 percent from the 30 percent it bought in May 2011, it said in a statement.

GPS is the largest independent wealth manager in Brazil with around 15 billion Brazilian Reals ($6.45 billion) in assets under management. ($1 = 2.3252 Brazilian Reals) (Reporting by Caroline Copley)

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