Swiss private banking giant Julius Baer has agreed to purchase an additional 60.1% stake in Italian wealth manager Kairos Investment Management for an undisclosed sum.
Following the acquisition, Julius Baer’s stake in Kairos will rise to 80%. The deal is scheduled to complete in 2016.
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The deal is expected to significantly strengthen Julius Baer’s and Kairos’ long-term position in Italy and further fuel Kairos’ ambitious growth trajectory.
Additionally, both the firms have agreed to list Kairos in a second step via an offering of a minority percentage of Kairos’ share capital.
Julius Baer said that both steps are currently subject to regulatory approval.
Following the deal, Kairos founding partner, president and CEO Paolo Basilico and his partners will continue to operate the business with the same team and follow the same client-centric strategy.
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By GlobalDataKairos assets under management have nearly doubled from EUR4.5bn to EUR8bn since the Swiss bank acquired its initial stake in Kairos in 2013.
Julius Baer CEO Boris Collardi said: "We are confident that the future close cooperation combined with the intended listing will bring additional growth momentum and will further strengthen our position in the Italian wealth management market."
Basilico said: "I am very much looking forward to deepening our partnership with Julius Baer and being able to spearhead Kairos into the next phase of growth."
