Oct. 14 (Bloomberg) -- The Swiss Raiffeisen group secured support from the U.K. investment group H.I.G. Private Equity to buy Bank Sarasin & Cie. AG, Zurich-based newspaper Tages- Anzeiger reported, without saying where it obtained the information.

Sarasin’s management doesn’t want to team up with Julius Baer, according to the newspaper report. Sarasin would prefer to work with Raiffeisen, hoping that the bank would be “kept on a long leash,” the newspaper said.

--Editor: Matthias Wabl

To contact the reporter on this story: Klaus Wille in Zurich at kwille@bloomberg.net;

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net