MILAN – The wheels are moving on the risk of Italian managed savings. Anima Holding, at the head of the main independent group in the asset management industry, buys 100% of Kairos. Since 2016, the latter was 70% controlled by the Swiss bank Julius Baer, while the remaining 35% belongs to the company’s managers, including the CEO Alberto Castelli, Guido Maria Brera, Massimo Trabattoni and Caterina Giuggioli. It manages approximately 4.5 billion euros in assets, with commission revenues amounting to approximately 25 million euros in 2022.
The consideration for the operation is equal to the capital surplus, “currently estimated between 20 and 25 million euros”, as stated in an Anima press release, compared to the minimum supervisory requirements. This price will be subject “to possible adjustments based on the performance of the assets managed following the signing of the agreement”.
The acquisition will be financed in cash and the definition of the purchase, the so-called closing, will be defined at the end of the “Usual authorization procedures”, and is expected by June next year. Kairos, founded in 2009 by some managers including Paolo Basilico, who left the company some time ago, will thus return to Italian hands. “We believe that Kairos will be able to express its maximum potential by benefiting from the support of the operational structures and investment capabilities of the Anima group”, comments the CEO of Anima Holding, Alessandro Melzi d’Eril. Who says he is convinced that the operation “will act as an accelerator for the growth of the group in the high potential private and institutional customer segments”.
Also according to Alberto Castelli, CEO of Kairos, the entry into the Italian group “opens a new phase in our growth path, which will allow us to create further value around our brand”. Kairos had been put up for sale by Julius Baer for some time, which never fully exploited the synergies with the Italian subsidiary. The company was also contested by Zurich, but the Italian way prevailed. Anima has a composite shareholder structure with Banco Bpm as the first shareholder at 21.7%, followed by Poste Italiane (11.6%), the Fsi fund led by Maurizio Tamagnini (9.5%) with shares of Amundi (4.9%) , Gamma, a company of the Caltagirone Group, which has 3.4%. Being a product factory, distribution capacity will increase with Banco Bpm and Poste Kairos. In addition to creating a new Italian managed savings hub.