September 2, 2019 / 12:17 PM / a month ago

Julius Baer's unit Kairos is open to making acquisitions in Italy

MILAN (Reuters) - Kairos Investment Management, the Italian subsidiary of Julius Baer (BAER.S), is open to considering acquisitions in Italy, the bank’s European chief said on Monday.

Julius Baer had put Kairos under strategic review after it suffered outflows on the heels of poor fund performance in 2018 and said in July it was considering options including the sale of the unit.

But on Friday Switzerland’s third-largest listed bank said on Friday it had decided to keep it.

“There is a consolidation in Italy. In the past we made acquisitions, including Kairos, therefore we will look at other companies,” Julius Baer’s European head Yves Robert-Charrue told a press conference in Milan.

Reporting by Gianluca Semeraro

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