Bank Julius Baer isn't done with its expansion abroad: while its assets under management tally was boosted by the integration of Leumi Private Bank and an Indian Merrill Lynch subsidiary, it now plans to further build its Italian operations and announced the completion of the acquisition of a stake in a financial advisory in Mexico.
Bank Julius Baer and Kairos Investment Management (Kairos), an independent Italian wealth manager, in November 2012 announced a strategic partnership. Part of the agreement was the integration of Baer's Italian SIM operations into Kairos, while Baer received a 19.9 percent stake in the Italian firm.
«Following the strong momentum at Kairos, Julius Baer has initiated negotiations to increase its stake and is considering subsequently listing an adequate minority of Kairos on the Italian Stock Exchange, all subject to negotiations and required approvals,» the Zurich-based private bank said in a statement on Tuesday.
Kairos at the end of October 2015 had assets under management of 8 billion euros, while Julius Baer had assets of 297 billion francs.
Mexico Acquisition Completed
Julius Baer today also announced the completion of the purchase of a 40 percent stake in NSC Asesores, the largest independent financial advisory firm in Mexico. The purchase, which had been announced on July 20, 2015, marked the entry of Julius Baer into the second-largest wealth management market in Latin America.
The bank also said it appointed Jan Gunnar Karsten chief executive of GPS Investimentos Financeiros e Participações. Baer holds 80 percent of the Brazilian wealth manager. José Eduardo Martins, a founding partner, will assume the role of vice chairman.
