Deals - Asia

Julius Baer and Nomura team up in Japan

A Nomura logo is pictured at their office in the Manhattan borough of New York City, New York, U.S. June 23, 2017. REUTERS/Carlo Allegri

ZURICH (Reuters) - Japan's Nomura 8604.T has bought a minority stake in Swiss private bank Julius Baer's BAER.S Japanese outfit, joining up Baer's wealth management services with the Japanese broker's high-net-worth franchise in the country.

“The strategic partnership with Japan’s premier securities firm represents a major milestone in our business strategy for Japan,” Baer Chief Executive Bernhard Hodler said in a statement on Thursday.

Nomura - Japan’s biggest brokerage and investment banking group - will acquire a 40 percent shareholding in the Swiss group’s Japanese subsidiary. Following completion, the unit will be renamed Julius Baer Nomura Wealth Management Ltd. It gave no financial terms.

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields