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Julius Bär's Italian asset management unit to consider local acquisitions

Kairos Investment Management SpA, the Italy-based asset and wealth management unit of Julius Bär Gruppe AG, will consider possible acquisitions in the country, Reuters reported, citing Yves Robert-Charrue, the Swiss bank's European head.

Kairos also plans to increase its staff to 200 from 150, Robert-Charrue said.

In July, Julius Bär CEO Bernhard Hodler said the group was weighing several options for Kairos including a complete or partial sale, after outflows from the unit led to the bank booking a lower net profit for the first half. Julius Bär recently decided to retain Kairos, saying the unit will form a key element in its efforts to boost its in-house investment capabilities.

Kairos will be run as an independent entity, Robert-Charrue said, adding that several employees will get a significant minority stake in the company.