The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann

ZURICH, June 2 (Reuters) - Julius Baer (BAER.S) is selling Geneva-based wealth manager Fransad Gestion to its management team, the Swiss private bank and asset manager said on Thursday, giving no financial details.

"The transaction, which was executed on 1 June 2022, follows the decision of Julius Baer to reduce the complexity of its portfolio of companies and allows Fransad to strengthen its positioning as a major Swiss independent wealth manager under the ownership of the existing management team," it said.

Baer will continue to work with Fransad, which manages around 1.5 billion Swiss francs ($1.56 billion) of assets.

Source: Reuters

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