According to local press reports, the new entity will be called Kairos Julius Baer, and will have about EUR700m under management, which will fall under the responsibility of Kairos’ management team.
With the move, Julius Baer will have a 20% stake in the combined entity.
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Additionally, the bank will have a long-term option to lift its stake or take over entirely the combined Julius Baer SIM-Kairos entity, which will apply for an Italian bank license.
Meanwhile, the head of Kairos, Paolo Basilico will remain on board.
Further, in order to expand through deals, Julius Baer is currently in talks with Bank of America about buying Merrill Lynch’s non-US wealth management unit that is valued at up to US$2 billion.
The deal comes against the backdrop of a series of agreements in Europe to levy taxes on assets held in Swiss banks accounts.
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