Italy’s Kairos joins forces with Julius Baer

Italy’s asset manager Kairos Investment Management is understood to have signed a long-term partnership with Swiss banking group Julius Baer to join forces on private banking.

According to local press reports, the two companies will create a new management vehicle called Kairos Julius Baer, with about €700m under management, which will fall under the responsibility of Kairos’ management team.

Under the terms of the agreement, Kairos will acquire Julius Baer Sim, while the Swiss group will have a 20% share in the asset manager.

Paolo Basilico (pictured), chief executive and founder of Kairos, will head the new company.

In 2016, the two groups will review the agreement, with options to increase Julius Baer’s share.

The agreement is subject to regulatory approval and is expected to be announced officially by the end of 2012.

Kairos was founded in 1999 and has €4.5bn under management and about 115 employees.

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