Julius Baer establishes a strategic partnership with GROW investment group, as its first step into the onshore market in China.
Julius Baer said it will become a strategic investor and business partner of the GROW Investment Group, according to a statement sent on Wednesday.
GROW was established in June 2021 in Shanghai as a China-based asset management company. Julius Baer intends to make a low double-digit million US dollar equity investment, with both partners to establish a distribution network that gives GROW's clients access to selected Julius Baer's Qualified Domestic Limited Partnership (QDLP) products.
GROW also recently hired renowned ex-Bank of Communications economist Hong Hao whose social media account was reportedly suspended after he voiced economic concern's about Beijing's zero-Covid policy.
Local Expertise
The Swiss bank's international clients will gain access to local investment expertise and assets through the Qualified Foreign Institutional Investor (QFII) program.
Julius Baer Greater China head David Shick said: «We are delighted to participate in the evolution of onshore wealth management in China through such an unprecedented partnership.»
