Julius Baer has continued its Asian expansion by signing a deal with Australia’s Macquarie group that will see the Swiss private bank take over Macquarie’s $1 billion Asian private wealth arm.

The Zurich-based firm will refer Asia-based clients seeking investment banking services to Macquarie, while the latter will refer customers who want private banking services to Julius Baer.

This is a non-exclusive arrangement covering North and Southeast Asia that does not preclude either firm from recommending other companies for similar services. The Swiss bank can still refer its clients to other firms that it feels may be better able to provide the services they require, but Macquarie provides another option.

The Australian firm’s products are already on Julius Baer’s shelves, but more of its investment banking products – such as its infrastructure and private-equity funds –will become available.

“Macquarie has a similar culture to ours and is a leading bank in the region”, says Julius Baer spokeswoman Angela Watkins. This is a new type of business model for the wealth manager, she adds, and one it does not employ in any other regions.

As for Australia, Julius Baer has no presence there and has no plans to expand into that market.

Boris Collardi, chief executive of Julius Baer, says: “This is another important step to expand Julius Baer’s footprint in the world’s most important growth region, underlining our commitment to Asia as our second home market.”

Julius Baer recently published its first Asia wealth report, was granted a representative office licence in Shanghai earlier this year and remains the only private bank to hold a QFII licence.