Gráfica de Acción Histórica
3 Meses : De Nov 2018 a Feb 2019
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 firstname.lastname@example.org
(END) Dow Jones Newswires
December 05, 2018 06:56 ET (11:56 GMT)
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