Julius Baer strengthens its long-term position in Italy and forms strategic
partnership with Kairos - new private bank to be set up jointly
Zurich, 12 November 2012 --- Julius Baer, the leading Swiss private banking
group, and Milan-based Kairos Investment Management SpA ('Kairos') today
announced that they have reached an agreement for a cooperation to jointly
create a leading onshore wealth management player in Italy. Julius Baer's
Italian SIM will be integrated into Kairos and, simultaneously, Julius Baer
will acquire 19.9% of Kairos. The transaction is subject to regulatory
approval and is expected to close in the first half of 2013. Secondly, subject
to regulatory approval, the parties have also agreed to set up a new private
bank in Italy by separately applying for a banking licence after the closing
of this transaction. All Italian wealth management activities of the two
groups will be run under the name Kairos Julius Baer. The transaction, the
terms of which have not been disclosed, will significantly strengthen Julius
Baer's long-term position in Italy.
Kairos is a leading independent wealth manager in Italy with approximately
Euro 4.5 billion of assets under management. It has enjoyed a very strong
development over the last twelve years and has become one of the most
important independent brands for wealth management in Italy. The company,
which employs a total staff of 115, was established in 1999 as a partnership.
Similar to Julius Baer, Kairos is specialised in discretionary portfolio
management focusing on high-net-worth individuals, fully dedicated to offering
best-in-class investment solutions and advice, which makes it a particularly
good cultural fit.
Both parties together will decide on a future increase of Julius Baer's
strategic participation after a few years. With this transaction Julius Baer
underlines its clear strategic intention to build a leading dedicated wealth
management business in Italy in partnership with Kairos. Julius Baer
Fiduciaria S.r.l. is not part of this transaction and will remain a
wholly-owned subsidiary of Julius Baer.
Paolo Basilico, President and CEO of Kairos, and his partners will run the
business of Kairos Julius Baer with the same 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 Julius
Baer SIM staff will be transferred to the new entity. Giovanni Flury, Head
Region Italy and Ticino, and Marco Mazzucchelli, Senior Advisor, will
represent Julius Baer on the Board of Kairos Investment Management SpA, the
Both parties are confident that the future close cooperation will bring
additional growth momentum for Kairos and will allow the creation of a truly
focused wealth management entity in the Italian market.
Boris F.J. Collardi, CEO of Julius Baer, commented: "We are extremely pleased
to enter into a partnership with Kairos. Thanks to our strategic
participation, we will increase our presence in the domestic Italian wealth
management market. We believe Kairos will bring know-how and reputation to our
ambitious plans in the Italian private banking environment. This move
underlines our commitment to further grow and develop our business in Italy."
Paolo Basilico, founding partner of Kairos, added: "The combination of
strengths of the two partners will result in a powerful force in the Italian
private banking sector. Clients will find in Kairos Julius Baer the quality
and the services that they require. I would also like to stress that both
Kairos and Julius Baer are independent and have a pure wealth management
business model, offering a compelling strategic fit."
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About Julius Baer
Julius Baer is the leading Swiss private banking group, with an exclusive
focus on servicing and advising private clients. Julius Baer's total client
assets amounted to CHF 276 billion at the end of August 2012, with assets
under management accounting for CHF 184 billion. Bank Julius Baer & Co. Ltd.,
the renowned Swiss private bank with origins dating back to 1890, is the
principal operating company of Julius Baer Group Ltd., whose shares are listed
on the SIX Swiss Exchange (ticker symbol: BAER) and form part of the Swiss
Market Index (SMI) of the 20 largest and most liquid Swiss stocks.
Julius Baer employs a staff of over 3 600 in more than 20 countries and over
40 locations, including Zurich (head office), Dubai, Frankfurt, Geneva, Hong
Kong, London, Lugano, Milan, Monaco, Montevideo, Moscow, Shanghai and
For more information visit our website at www.juliusbaer.com
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