UPDATE 2-Julius Baer raises stake in Brazilian wealth manager GPS
* Increases stake in GPS to 80 pct from 30 pct
* Analyst estimates transaction price at 100 mln Sfr
* Expects deal to be boost earnings in 2014
* Aims to build leading Brazilian wealth management business (Adds estimated price, analyst comment, shares)
By Caroline Copley
ZURICH, March 25 (Reuters) - Swiss bank Julius Baer has raised its bet on Latin America's largest wealth management market, buying a majority stake in Brazil's GPS for an estimated 100 million Swiss francs ($113 million), as part of a drive to expand abroad.
The deal underscores Zurich-based Baer's commitment to gaining greater access to markets in Asia and South America as a crackdown on tax evasion hits private banking, which provides tailored services to wealthy individuals, in Switzerland.
Baer is looking to increase its assets under management from emerging markets to 50 percent by 2015, it has said, without disclosing the current percentage.
The Swiss private bank has increased its holding in GPS Investimentos Financeiros e Participacoes to 80 percent from the 30 percent it bought in May 2011, it said on Tuesday. Continuación...