Swiss private bank sells off Bahamas wealth arm

As a ‘select number of key investment managers’ become minority shareholders at its Italian subsidiary

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Julius Baer has completed the sale of its Bahamas operations to Ansbacher (Bahamas), a local wealth management company.

The deal was first announced in May 2020 and is part of the Swiss private bank’s programme to reduce complexity, Julius Baer said in a trading update on 19 October.

Julius Baer Bank (Bahamas) has around CHF1bn (£850m, $1.1bn, €930m) in assets under management.

The financial terms of the transaction were not disclosed.

Italian operation

Within the trading update, Julius Baer added that a “select number of key investment managers” at its Italian asset and wealth management company, Kairos, will become minority shareholders.

Julius Baer will retain 70% ownership of Kairos.

Kairos will appoint a chief executive in the next few weeks to carry out its long-term strategy.

The Swiss private bank said: “Julius Baer has announced that the goodwill on its investment in Kairos will be further impaired and the amortisation of the value of client relationships acquired through its investment in Kairos will be accelerated.”