Anima Holding has signed a binding agreement for the acquisition of 100% of Kairos Partners Sgr from the parent company Kairos Investment Management thus surpassing the offer of competitor Zurich. The savings management company announced this in a note. The maximum consideration agreed for the transfer is equal to the capital surplus, currently estimated between 20 and 25 million euros (compared to the company’s minimum supervisory requirements), subject to possible adjustment based on the performance of the assets managed following the signing of the ‘agreement.
A co-investment mechanism is also envisaged for some managers with participation in the added value deriving from business results at the end of the fifth year following the signing of the agreement. The purchase will be financed by Anima entirely with available cash. The closing of the operation, subject to the usual authorization procedures, is expected in the second quarter of 2024. Kairos joins Castello sgr, taken over in July by Anima.
«We are thrilled to bring a historic brand like Kairos back into Italian hands, with its wealth of experience and skills. 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 Alessandro Melzi d’Eril, CEO of Anima Holding. Kairos, founded in 1999 as an independent company and controlled by the Swiss group Julius Baer since 2016, with a minority share of approximately 35% in the hands of the management, manages approximately 4.5 billion euros in assets, with products and services aimed at high-end customers. Revenues from commissions in 2022 amounted to approximately 25 million euros. «The entry of Kairos into the Anima group opens a new phase in our growth path, which will allow us to create further value around our brand», adds CEO Alberto Castelli. «We are certain that we can make a great contribution to the Group that welcomes us, thanks to our skills and a track record of excellence in asset and wealth management».
From the sale of Kairos to Anima Holding for 20-25 million euros, Julius Baer does not expect a significant impact on its profits or capital ratios. This can be read in a note from the Swiss group which underlines how the operation is consistent with Julius Baer’s strategic focus on its core business and allows it to concentrate and further develop the business with Italian customers served outside of Switzerland and from other locations. Italian asset and wealth management company Kairos was until now part of the Julius Baer Group, with Kairos management maintaining a stake of around 35% from 2021. Julius Baer acquired Kairos from its previous equity partners as part of a staggered acquisition that began with the purchase of a 19.9% minority stake in 2013 and assumed full ownership in 2018. In 2020, Julius Baer sold 30% of Kairos to key Kairos executives, followed by additional stakes in 2021.