The transaction completed on 1 April and followed Julius Baer’s announcement last November that, pending regulatory approval, it intended to increase its stake in the Italian wealth and asset management firm.
Kairos’ executive management team will remain unchanged and the firm will continue to operate under its own name and identity.
Also announced last November, Julius Baer plans to list Kairos through an offering of a minority percentage of Kairos’ share capital when market conditions permit and subject to regulatory approval.
Two-stage purchase
Julius Baer bought a 19.9% stake in Kairos in 2013, with the two firms agreeing to create a joint onshore wealth management company in Italy.
At the time, the companies said a future increase in Julius Baer’s strategic participation would be discussed “after a few years”.
As of 31 December 2015, Kairos’ assets under management were just over €8bn, up from approximately €4bn in 2013.
