The Swiss private bank is eyeing growth in the independent wealth management market through its purchase of a Geneva-based company.

Julius Baer has acquired Swiss wealth manager Fransad Gestion for an undisclosed sum in a bid to boost its coverage of French-speaking Switzerland.

Geneva-based Fransad, which was founded in 2010, employs 19 people and manages assets of SFr1.3 billion ($1.3 billion). The company will retain its management team, with Julius Baer being represented on its board by Giovanni Flury. To begin with, Fransad will continue to operate under its brand.

Fransad will be able to share its expertise with Julius Baer’s existing independent wealth management business WMPartners Wealth Management, which is based in Zurich.

Julius Baer said it will look at the potential benefits of closer integration at a later stage.

Julius Baer's enhanced focus on its home market comes after several initiatives to fuel international growth. Last month, for instance, it announced plans to issue bonds via the Singapore Exchange and in September, it appointed Gerassimos Spyridakis as the head of a newly created Africa and Eastern Mediterranean sub-region.