Julius Baer Gruppe, the Swiss private-banking group, has announced that it will sell its Italian asset and wealth management business, Kairos, to Italian asset manager Anima Holding. This move is part of Julius Baer's strategy to focus on developing its business with Italian clients, which will be served out of Switzerland and other locations.
The sale of Kairos is valued at approximately 20 million to 25 million euros ($21.7 million-$27.1 million). As part of the agreement, all of Kairos' senior management and co-shareholders will join Anima.
Kairos currently manages around EUR4.5 billion in assets, making it an attractive acquisition for Anima. Julius Baer initially acquired a minority stake of 19.9% in Kairos in 2013 before taking full ownership in 2018. In 2020, it sold 30% of the business to certain Kairos executives, and in 2021, more deals were made that gave Kairos management a stake of approximately 35%.
The transaction is expected to be finalized in the spring of 2024 and is not anticipated to have a significant impact on Julius Baer's profit or capital ratios.