Julius Bär Gruppe AG decided to retain its Italian asset and wealth management subsidiary, Kairos Investment Management SpA, following a strategic review.
The Swiss financial services group was reported to be planning a potential sale of the unit, with Italian lender Mediobanca - Banca di Credito Finanziario SpA understood to be interested. However, Julius Bär confirmed it will now closely align its wealth management business with that of Kairos, adding that the unit will form a key element in its efforts to boost its in-house investment capabilities.
In 2013, Julius Bär acquired a 19.9% stake in Kairos, then it increased its stake to 80% in 2016 and eventually fully purchased the Italian firm in 2018. Between that time, Kairos' AUM more than doubled to more than €9 billion, Julius Bär noted.
