Singapore’s wealth fund GIC has bought a stake in Julius Baer, and now owns 3.09 percent of it after a vote of confidence, SIX, the umbrella organisation for the stock exchange SIX Swiss Exchange Ltd revealed.

GIC is wholly owned by the Government of Singapore (GoS) and manages the reserves of Singapore. It acts as the fund manager for GoS and the Monetary Authority of Singapore.

This makes GIC one of the largest owners of Julius Baer alongside Wellington Management (4.97 percent), Blackrock (4.93 percent), and UBS Fund Management, Switzerland (3.07 percent).

Asia is a key growth market for Julius Baer and G...