Julius Baer has increased its stake in Milan-based Kairos Investment Management from 80% to 100%, the Zurich group has announced.
This latest development allows the firm to expand its presence in the Italian wealth management market.
Now the group is planning to buy an additional €96 million stake, which would give it total control over the asset manager.
According to Julius Baer, the assets of Kairos Investment Management have increased from €4 billion to €11 billion since the strategic partnership began five years ago.
Despite the acquisition of the additional shares, Julius Baer said Kairos would retain its name and management.
Paolo Basilico will remain as CEO of the company and has been appointed as chairman of the firm – a role which he had been covering until April 2016.
Commenting on this development, Bernhard Hodler, CEO of Julius Baer, said: ‘Kairos has successfully and profitably expanded its excellent position in the Italian wealth management sector ever since our partnership commenced in 2013.’