Assicurazioni Generali in Negotiations to Acquire Majority Stake in Sycomore

Fecha : 06/09/2018 @ 11:56
Fuente : Noticias Dow Jones
Emisora : Generali Ass (G)
Cotización : 17.005  -0.125 (-0.73%) @ 10:35
Generali Cotización de acciones Gráfica

Assicurazioni Generali in Negotiations to Acquire Majority Stake in Sycomore

Generali (BIT:G)
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   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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