Julius Baer-Jupai deal: a sign of things to come?

Swiss private bank Julius Baer’s December move to purchase a 5% share in Chinese wealth manager Jupai Holdings may reflect the growing international ambitions of mainland firms, but it is seen as unlikely to herald a wave of similar M&A activity in China. For one thing, local Chinese firms benefit less from selling stakes than the foreign bank buying them, said Kenny Lam, chief executive of Shanghai-based wealth manager Noah Holdings. “It makes a lot of sense for the buyer b…