Julius Baer confirms plans to launch wealth management group in Italy
Swiss wealth manager Julius Baer has confirmed today plans to buy a 19.9% stake in Italy’ Kairos, as the two firms are planning to launch an onshore wealth management group in Italy.
As part of the deal, the two parties have agreed to set up a new private bank in the country.
Regulatory approval for the acquisition is expected to be granted in the first half of 2013.
Following the deal, the managers have left open the option to increase Julius Baer’s participation in Kairos.
“Thanks to our strategic participation, we will increase our presence in the domestic Italian wealth management market. This move underlines our commitment to further grow and develop our business in Italy,” said Boris Collardi, chief executive at Julius Baer.
With about 115 people of staff, Kairos manages €4.5bn. Julius Baer had 184bn Swiss francs under management at the end of August.