Generali has completed the acquisition of Union Investment TFI in Poland from Union Asset Management, the investment arm of DZ Bank Group, headquartered in Frankfurt, Germany.
Image: Generali wraps up Union Investment TFI acquisition. Photo: Courtesy of PublicDomainPictures/Pixabay.
In October 2018, Generali signed the agreement to acquire a 100% stake in Union Investment TFI. The deal is expected to strengthen Generali’s presence in Central and Eastern Europe (CEE), particularly in Poland.
The acquisition has been completed after Generali received approvals from the relevant regulatory bodies and competition authorities.
Considered to be the sixth largest asset management company in Poland, Union Investment TFI has €3.3bn (£3bn) in assets under management.
It serves nearly 135,000 retail investors and 550 institutional investors, offering a broad range of fund products across equities, fixed income and absolute return.
Union Investment TFI is touted to have its own internal fund manufacturing capabilities along with other investment solutions.
Back in October, Generali Asset Management CEO Timothy Ryan said: “In addition to our multiboutique initiative for Europe announced in May 2017, we seek to benefit from the growth opportunity of CEE, especially in Poland, the largest market in the region.
“We will be leveraging on the strong position of Generali Poland and Union Investment TFI, combining our own expertise with that of experienced local investment professionals who have an excellent performance track record, to deliver the best possible investment solutions to customers.”
Generali CEE CEO and Austria, CEE & Russia regional officer Luciano Cirinà said: “We share our Group’s strategic vision. The Austria, CEE & Russia Region is pressing forward with the development of joint activities that combine insurance and asset management lines.
“We have already seen this process in Slovenia. We give our full support to the development of this unique strategic business opportunity in Poland. The company will be supervised by our Regional Office in Prague as part of the Asset Management Line.
“Thanks to the contribution made by the company’s present team, nothing significant will change for its customers. Going forward, we will be combining the skills and know-how of the Generali Group and the company to offer customers and business partners best-inclass insurance and financial products and services.”
In December 2018, Generali acquired CM Investment Solutions Limited (CMISL) from Bank of America Merrill Lynch. Founded in 2007, CMISL had $11bn (£8.6bn) in assets under management as of 30 September 2018.