UBS said that all Kairos senior management and co-shareholders will join Anima as part of the envisaged transaction, which is expected to close in spring 2024.

Julius Baer Group and Kairos’ co-shareholders have now agreed to sell 100 per cent of Kairos (by way of Kairos SGR) to Anima Holding SpA (Anima) - an Italy-based firm - for approximately €20 to €25 million ($21.7 to $27.1 million), the firm said in a statement late last week.

Italian asset and wealth management company Kairos, which has AuM of around €4.5 billion, is part of Julius Baer Group – Kairos management has retained approximately 35 per cent interest since 2021.

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 per cent in 2013, taking over full ownership in 2018. In 2020, Julius Baer sold 30 per cent in Kairos to key executives of Kairos, followed by further participations in 2021.

UBS said that all Kairos senior management and co-shareholders will join Anima as part of the envisaged transaction, which is expected to close in spring 2024.

The transaction, which is not expected to have a material impact on Julius Baer's profit or capital ratios, is consistent with the firm’s strategic focus on its core business. It allows Julius Baer to concentrate on developing and increasing its business with Italian clients served from Switzerland and other locations.