Pursuant to the terms of the agreement, pending regulatory approval, Julius Baer’s Italian SIM will be incorporated into Kairos and to jointly set up a new onshore wealth management bank in Italy.
All Italian wealth management activities of the two groups will be managed under the name Kairos Julius Baer.
Both parties will decide on a future increase of Julius Baer’s strategic participation after ‘a few years’.
Kairos, president and chief executive Paolo Basilico and his partners will manage the business of Kairos Julius Baer with the existing team and pursuing the same client-centric strategy.
Julius Baer will be represented on the board of directors with two designated members, Fabrizio Rindi, chairman of Julius Baer SIM, and Loris Vallone, head business development region Italy, the bank said.
On the completion of the transaction, the Julius Baer SIM staff will be transferred to the new entity, while Giovanni Flury, head region Italy and Ticino, and Marco Mazzucchelli, senior advisor, will represent Julius Baer on the board of Kairos Investment Management.
Having €4.5bn of assets under management, Kairos is an independent wealth manager in Italy and specialises in discretionary portfolio management focusing on high net worth individuals.
