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13th July 2012
Julius Bär Italian JV
Julius Bär is to merge its Italian asset management business in Italy with Kairos Group. It will gain a 20% stake in Kairos with options to increase this stake to a majority holding in the future.
The joint venture will be required to seek a new banking licence from the Italian authorities. Paolo Basilico, the current Kairos head is to remain on the board, though what position he will hold in the JV was unclear. Bär is still expected to buy the non-US wealth management business from BoA Merrill Lynch.
