Julius Baer buys remaining 20 percent in Kairos for 96 million euros

The sign for Swiss bank Julius Baer is seen at a branch office in Luzern, Switzerland, November 23, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Swiss private bank Julius Baer said on Tuesday it bought the 20 percent in Italian wealth management firm Kairos Investment Management SpA it did not already own for 96 million euros ($114 million).

The bank said Kairos’ assets under management grew to 11 billion euros in 2017, up from approximately 4 billion euros in 2013 when Julius Baer took a 19.9 percent stake in Kairos that it increased to 80 percent in 2016.

The bank said Kairos’s executive management would stay in place with current Chief Executive Paolo Basilico also assuming the role of chairman.

Reporting by Silke Koltrowitz; Editing by Adrian Croft