Italian insurer and asset manager Generali Group has acquired CM Investment Solutions (CMISL), a provider of alternative UCITS strategies, from Bank of America Merrill Lynch.
Under the agreement, CMISL will be 100% owned by Generali Investments.
The acquired entity, which managed more than $11bn in assets at the end of September 2018, will be run autonomously. It will also retain its existing London base.
Generali said that the acquisition will facilitate its product offering and distribution capabilities.
The deal, whose financial terms were not revealed, forms part of Generali’s strategy to become a multi-boutique asset manager.
Generali Investments Partners CEO Carlo Trabattoni said: “The acquisition of CM Investment Solutions Limited is an important step ahead in shaping our multiboutique strategy, as their undisputed expertise in the delivery of liquid UCITS funds and other bespoke strategies gives us the opportunity to offer a selection of top quality alternative products to our clients.”
Just this week, Generali subsidiary Banca Generali agreed to buy 90.1% of Swiss wealth manager Valuer Fiduciaria.
Earlier this year, Generali started exclusive talks to buy a majority stake in France’s Sycomore Asset Management and also announced the acquisition of Polish asset manager Union Investment TFI.
CMISL CEO Philippe Lopategui said: “This partnership will enable CMISL to invest in infrastructure and resources, further attract the very best investment managers in the liquid and illiquid alternatives space and deliver tailor made investment solutions to our investors.”
