Assicurazioni Generali in Negotiations to Acquire Majority Stake in Sycomore
September 06 2018 - 11:56AM
Dow Jones News
By Cristina Roca
Assicurazioni Generali S.p.A. (G.MI) said on Thursday that it
has entered exclusive negotiations with Sycomore Asset Management's
shareholders to acquire a majority stake in the company and enter
into a strategic partnership.
The Italian insurance group said that under the proposed
investment, Sycomore would become part of the group's
multi-boutique platform and help it work towards becoming the
number-one such platform in Europe.
The French company, which has over 8.3 billion euros ($9.63
billion) in assets under management, is "an undisputed pioneer" in
France's environmental, social and governance and socially
responsible investment sectors, said Generali. The investment
reflects Generali's commitment to these topics, the company
said.
Generali's chief investment officer, Timothy Ryan, said that "by
partnering with Sycomore, we will be able to enrich our offer with
innovative investment solutions targeted to our insurance and
individual clients, and to strengthen our focus and capabilities on
sustainability and responsible investments."
Under the proposed deal, Sycomore founders would still hold
significant shares in the asset-management company. Any agreement
reached will have to be submitted to Sycomore's workers' council
and the relevant regulatory authority, namely France's financial
markets authority.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
September 06, 2018 12:41 ET (16:41 GMT)
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