Julius Baer Group and Kairos' co-shareholders have agreed to sell 100% of Kairos to Anima Holding.
Closing of the transaction is expected in spring 2024, it said in a statement on 16 November.
Italian asset and wealth management company Kairos is part of Julius Baer Group, with Kairos management retaining an approximately 35% interest since 2021.
Julius Baer and Kairos management have now agreed to sell Kairos (by way of Kairos SGR) to Anima Holding SpA (Anima) for approximately €20-25m. All Kairos senior management and co-shareholders will join Anima as part of the envisaged transaction.
Kairos holds assets under management of around €4.5bn and acts as a leading Italian 'investment house', focusing on innovative, actively managed investment solutions.
The transaction is not expected to have a material impact on Julius Baer's profit or capital ratios. Julius Baer acquired Kairos from its previous equity partners as part of a staggered acquisition starting with the purchase of a minority stake of 19.9% in 2013 and taking over full ownership in 2018.
In 2020, Julius Baer sold 30% in Kairos to key executives of Kairos, followed by further participations in 2021.
The statement said: "The transaction is consistent with Julius Baer's strategic focus on its core business and allows it to concentrate on and further develop its business with Italian clients served out of Switzerland and other locations."
