The bank announced on Monday that this will be reflected in Julius Baer’s 2022 financial results.
The statement said the impairment was an “extremely difficult year for the asset management industry and especially for active asset managers.” Global financial markets saw significant declines in stocks and bonds. And stocks and bonds of all things Kairos are especially important.
The amortization of goodwill, together with the impairment of the remaining amortizable customer relationships, would result in a pre-tax expense of CHF 57 million. By the end of 2022, no Kairos-related intangibles will be included in Julius Baer’s consolidated financial statements.
Kairos, the Italian asset and wealth management company owned by the Julius Baer Group, manages assets worth around CHF 5 billion. It focuses on actively managed investment solutions. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
