Julius Baer named a new head of its Italian asset management subsidiary. The new boss knows Kairos well – and is taking over in tumultuous times.
The Swiss bank named Fabio Bariletti as CEO of Italian asset management subsidiary Kairos, effective April 16, it said in a statement. Bariletti replaces Paolo Basilico, one of the founders of Kairos in what Julius Baer described as a planned succession at the 1999-founded firm.
The handover comes against the backdrop of uncertainty over Julius Baer's commitment to Kairos after«Bloomberg» reported last week that the sale of the asset manager had stalled over price as well as retention agreements.
Sale Value Capped?
The Swiss wealth manager isn't likely to get more than 350 million euros ($392 million), the agency wrote. Potential buyers would also want written assurance that key executives and fund managers would stay on board in the case of a takeover.
Julius Baer didn't address its plans for Kairos in its statement, saying only that «Jointly we will work to ensure the prosperity of Kairos well into the future.» Bariletti is a 20-year veteran of Kairos who currently runs its London branch.
