A group of investment managers has left Julius Baer Group Ltd.’s Italian subsidiary Kairos to start a new equity hedge fund. Federico Riggio, Michele Fiumara, David Grazzini, Vittorio Villa and Flavio Russo, who were overseeing the Kairos Pegasus Fund S.A., departed at the end of September, according to people with knowledge of the matter. The new company, Helikon Investments Ltd., will have offices in London and Milan.