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.