Julius Baer Completes Acquisition of Kairos

Julius Baer has completed the acquisition of a majority stake in Kairos and remains committed to a listing of a minority stake in the Italian asset manager.

Julius Baer said it completed the purchase of a 60.1 percent stake in Kairos Investment Management for 276 million euros, increasing its stake in the Milan-based wealth and asset manager to 80 percent.

The Zurich-based bank first announced the purchase in November 2015 and since has received the relevant regulatory approval. Baer has decided to keep the executive management of Kairos unchanged.

The transaction will significantly reinforce the position of both companies in Italy and give Kairos an additional impetus for further growth, Baer said.

Planned Listing

Kairos was founded in 1999 and today employs about 150 people. It has specialized in wealth and asset management. By the end of 2015, Kairos had 8 billion euros in assets under management, double the amount it had when Julius Baer and Kairos initiated their strategic partnership in 2013.

The Milan-based company had a pretax profit of 55.9 million euros last year, up from 39.7 million in 2014. The company will continue to operate under the Kairos name and identity even after becoming a member of the Julius Baer Group.

As announced in November, Baer still plans to list Kairos through an offering of a minority percentage of Kairos' share capital when market conditions permit and subject to regulatory approval.

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