Julius Baer announces goodwill impairment for Italian unit Kairos
Swiss asset manager Julius Baer said that a €90m goodwill impairment of its Italian subsidiary Kairos, affected by ‘disappointing’ outflows over the past four months, would dent the firm’s annual target of 4-6% in net new money.
While the first 10 months of 2019 resulted in a 10% year-to-date increase in Julius Baer Group’s assets under management (AuM) growing to CHF 422bn (€384.5bn), the annual results could be a different story altogether.