Swiss wealth manager Julius Baer yesterday filed a $1 billion initial public offering of its US subsidiary, Julius Baer Americas, the parent of asset management company Julius Baer Investment Management.

JBIM had $73.2 billion in assets under management as of 30 September 2007. JBA plans to apply to list its shares on the New York Stock Exchange, the company said.

The Swiss group said the offering is expected to be completed during 2008, subject to regulatory approvals and market conditions.

Goldman Sachs is serving as global coordinator and bookrunner, and Merrill Lynch as co-lead manager for the proposed offering.

Shares in Julius Baer rose yesterday on rumours that Goldman Sachs could bid for the Swiss wealth manager.

But the New York-based investment bank denied it was in talks, said Reuters.