After Julius Baer Holding AG failed to sell its U.S. asset management business, the Swiss private bank reportedly is considering an initial public offering and has even tapped a lead underwriter, according to Reuters.
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In October Baer announced it was reviewing all options for New York-based Julius Baer Investment Management. It reportedly held talks with Affiliated Managers Group and Legg Mason Inc. about a sale, but pricing derailed talks, Reuters reported.
Now Baer reportedly has turned its attention to an IPO and has hired Goldman Sachs Group Inc. to lead it. However, it has yet to file with the SEC. It also may consider a management buyout of the unit, noted Reuters.
Earlier in the year, Baer agreed to sell its U.K. fixed income and currency asset-management subsidiary Julius Baer International Ltd., or JBIL, to its management for an undisclosed price. — Matthew Wurtzel
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