November 12, 2012 / 6:10 AM / 5 years ago

Julius Baer to buy 20 pct of Italy's Kairos

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ZURICH, Nov 12 (Reuters) - Swiss wealth manager Julius Baer said on Monday it will buy 19.9 percent of Italy's Kairos Investment Management as part of a deal between the two groups to create a leading onshore wealth management group in Italy.

Following regulatory approval, expected in the first half of 2013, the parties have also agreed to set up a new private bank in Italy by separately applying for a banking licence after the closing of the transaction.

Kairos manages around 4.5 billion euros and employs around 115 staff. (Reporting by Martin de Sa'Pinto)

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