Kairos, the Italian subsidiary of the Swiss lender Julius Baer, has appointed Fabrizio Rindi as interim CEO following Fabio Bariletti's departure.
Rindi, who was already the president of Kairos Partners SGR, will be combining his current responsibility with that of CEO until the firm's management board names a new CEO for the Italian asset and wealth manager. He will count with the support of Kairos' top management members and investment team when carrying out his new interim role.
Fabio Bariletti had been appointed CEO of both Kairos Partners SGR and Kairos Investment Management in April this year.
The firm will hire its new CEO from both internal and external candidates throughout 2020, according to sources close to the matter.
The announcement came on the same week that Julius Baer decided to keep Kairos after completing a strategic review and as the asset manager's performances improved, Julius Baer said on Friday. Between the start of the strategic partnership in June 2013 to 30 June 2019, Kairos' assets under management more than doubled to over €9bn.
Yves Robert-Charrue, head region Europe of Bank Julius Baer & Co. Ltd. and chairman of Kairos, said: "Our review has clearly shown that Julius Baer is the best owner for Kairos, which offers significant potential for us to build out our position in the attractive Italian wealth management market.
"After a difficult 2018, the performance of Kairos funds in the first half of 2019 has markedly improved. On behalf of the full Board of Kairos I would like to thank our employees for their outstanding loyalty and tremendous support to the company and their excellent work in serving our clients throughout this challenging market environment."