Julius Baer to divest Kairos to Anima Holding for up to €25 million By Investing.com

HostArmada - Affordable Cloud SSD Web Hosting

© Reuters.

ZURICH – Swiss private banking group Julius Baer has announced the sale of its subsidiary Kairos, an Italian investment management firm, to Anima Holding. The deal, valued between €20 million and €25 million ($21.7 million and $27.1 million), is a strategic move to realign Julius Baer’s core business focus and enhance its services for Italian clientele outside of Italy.

The transition, which is expected to be completed by spring 2024, will include the shift of Kairos’ senior management and co-shareholders to Anima Holding. Julius Baer’s relationship with Kairos began in 2013, culminating in full ownership by 2018. However, share sales back to Kairos executives were made in 2020 and 2021.

This divestiture comes as part of Julius Baer’s broader strategy to concentrate on servicing its Italian customers from Switzerland and other locations. The transaction is not forecasted to significantly impact Julius Baer’s profit or capital ratios.

Anima Holding’s acquisition of Kairos, which oversees EUR 4.5 billion in assets, marks a significant expansion for the Italian holding company. The agreement ensures a smooth transition for Kairos’ leadership team and further solidifies Anima’s position in the European wealth management sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

HostArmada - Affordable Cloud SSD Web Hosting

Source link

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these