Singapore's GIC builds 3% stake in Swiss private bank Julius Baer

Singapore's GIC builds 3% stake in Swiss private bank Julius Baer

Pedestrians pass the headquarters of Julius Baer Group Ltd. in this photo taken with tilt-shift lens in Zurich, Switzerland. Photographer: Gianluca Colla/Bloomberg

The Singaporean state has built up a stake of about 3% in Julius Baer Group, providing a major boost for the Swiss wealth manager as it struggles to reach its targets on attracting new money and reining in costs.