The Swiss bank has increased its ownership of a joint venture in an Italian wealth business.

Julius Baer has completed its acquisition of an increased stake in Italian wealth and asset management firm Kairos, the business with which the Swiss bank has been partnering since 2013.

In November last year, the Zurich-listed bank announced that it had agreed to increase its stake in Kairos by acquiring an additional 60.1 per cent of the Milan-based company, following its initial purchase of 19.9 per cent in 2013. Following receipt of the relevant regulatory approvals, the transaction was completed last Friday. The consideration is €276 million ($314 million), subject to closing adjustments. This brings Julius Baer’s ownership of Kairos to 80 per cent.

Kairos was established as a partnership in 1999 and today employs a total staff of over 150. The company is specialised in wealth and asset management. As at 31 December 2015, its assets under management were over €8 billion, up from approximately €4 billion when Julius Baer and Kairos started their strategic partnership in 2013. For 2015, Kairos realised a gross margin of over 140 basis points and reported a pre-tax profit of €5.9 million, up from €39.7 million for 2014.

Kairos will continue to operate under the Kairos name and identity.

As announced last November, Julius Baer plans to list Kairos in a subsequent step through an offering of a minority percentage of Kairos’ share capital when market conditions permit and subject to regulatory approval. The executive management of Kairos will remain unchanged. The company’s partners will also retain a stake in Kairos after listing.