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Julius Baer, the leading Swiss private banking group, today announced that the transaction to acquire an additional stake of 60.1% in Kairos Investment Management SpA (‘Kairos’) for EUR 276 million was completed on 1 April 2016, bringing the Group’s total ownership of Kairos to 80%. Julius Baer first announced the transaction in November 2015 and has since then received the relevant regulatory approvals. The executive management of Kairos will remain unchanged and the transaction will significantly reinforce Julius Baer’s and Kairos’ long-term position in Italy and further fuel Kairos’ ambitious growth trajectory.
Zurich, 4 April 2016 – In November 2015, Julius Baer announced that it had agreed to increase its stake in Kairos by acquiring an additional 60.1% of the Milan-based company, following its initial purchase of 19.9% in 2013. Following the receipt of the relevant regulatory approvals, the transaction was completed on 1 April 2016. The consideration is EUR 276 million, subject to closing adjustments. This brings the Group’s ownership of Kairos to 80%.
Kairos was established as a partnership in 1999 and today employs a total staff of over 150. The company is specialised in wealth and asset management, including independent best-in-class investment solutions and advice. As at 31 December 2015, Kairos’ assets under management had reached over EUR 8 billion, up from approximately EUR 4 billion when Julius Baer and Kairos started their strategic partnership in 2013. For 2015, supported by strong performance fees, Kairos realised a gross margin of over 140 basis points and reported a pre-tax profit of EUR 55.9 million, up from EUR 39.7 million for 2014.
While becoming a member of the Julius Baer Group and representing the Group’s exclusive gateway to the attractive Italian domestic wealth management market, Kairos will continue to operate under the Kairos name and identity. As announced last November, Julius Baer plans to list Kairos in a subsequent step through an offering of a minority percentage of Kairos’ share capital when market conditions permit and subject to regulatory approval. The executive management of Kairos will remain unchanged. The company’s partners will also retain a stake in Kairos post listing.