In a surprising move, the Swiss-based private bank does not sell its Italian asset management business to Zurich Insurance, as had been assumed. It chooses Anima and gets a lower price than had been speculated.
After years of trying, Julius Baer has finally managed to sell Kairos, its Italian asset manager, according to a media release distributed by the bank on Thursday.
As finews.com reported last Thursday, the sale of the business has taken several years and has been contentious, with Zurich Insurance widely regarded as the suitor that it had been negotiating with until very recently.
Lower Sale Price
In the announcement, Julius Baer indicated that Anima, the largest independent asset management group in Italy, would take over Kairos for 20-25 million euros, a price that had been lower than the previously speculated 50-60 million euros.
Both Kairos senior management and co-shareholders will join Anima as part of the transaction.
Consistent with Strategy
According to Julius Baer, Kairos manages around 4.5 billion euros in assets under management. The transaction is not expected to have a material impact on its profit or capital ratios, the bank said.
In the announcement, Julius Baer also relayed its view that the sale was consistent with its attempt to focus on its core business and that it will allow it to further develop its business with Italian clients who are served from Switzerland and other locations. Anima's website shows that it has 177 billion euros of assets under management and more than 1 million clients.
