Fr, Mai 3rd 2024
Julius Baer completes the divestiture of Kairos, marking a strategic shift in its European operations.
Wealth manager Julius Baer has completed the sale of its Italian subsidiary Kairos to Italy’s Anima Holding. The Zurich-based financial institution announced on Thursday that all steps had been successfully completed and all approvals for the execution of the purchase had been granted as planned.
Kairos will thus be deconsolidated from the Julius Baer Group with immediate effect, the press release continues. The transaction was already announced in November 2023. Milan-based Anima Holding will acquire 65 percent of the Kairos shares from Julius Baer and the remaining 35 percent from the other Kairos co-shareholders.
According to the information provided at the time, Anima paid a total price of EUR 20 to 25 million to Julius Baer and the co-shareholders for Kairos. Of this amount, 13 to a good 16 million euros were to flow into the coffers of Baer.
The Italian Kairos, which manages assets worth around 4.5 billion euros, had long been considered a “problem subsidiary” of Julius Baer. The Swiss bank acquired a minority stake in the Italian asset manager in 2012 and temporarily increased this to 100 percent. As part of a restructuring plan, several Kairos managers then took over a minority stake in 2020.
©Keystone/SDA
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