Generali Buys Bank of America's CM Investment Solutions Limited
December 05 2018 - 6:11AM
Dow Jones News
By Pietro Lombardi
Assicurazioni Generali SpA (G.MI) has bought Bank of America
Corp.'s (BAC) CM Investment Solutions Limited, it said
Wednesday.
The deal is part of the Italian insurer's plan to expand its
asset-management operations. Financial details of the deal weren't
disclosed.
The acquired business has $11 billion of assets under management
and focuses on alternative Ucits--undertakings for the collective
investment of transferable securities--strategies, Generali said.
It will operate autonomously, the company said.
"This acquisition marks an acceleration in the execution of
Generali's asset-management strategy, which targets an expansion
into alternative strategies and growth outside of Europe," Generali
said.
The Italian insurance giant plans to build one of world's top
five multi-boutique platforms by profit in the next five years.
In its plan through 2021, presented in November, Generali said
it wanted to accelerate expansion in asset management with
"disciplined acquisitions."
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
December 05, 2018 06:56 ET (11:56 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Generali (BIT:G)
Historical Stock Chart
From Mar 2024 to Apr 2024
Generali (BIT:G)
Historical Stock Chart
From Apr 2023 to Apr 2024