
UBI Banca, part of Italian banking group Intesa Sanpaolo, has increased its stake in asset manager Pramerica to 100% by purchasing the remaining 35% stake in the firm from Prudential Financial.
Finical details of the deal were not revealed.
Pramerica provides a range of investment solutions including individually managed accounts in funds, securities to a range of mutual investment funds, and SICAV sub-funds.
It also oofers personalised investment management solutions for private and institutional clients.
As of 31 December 2020, the company’s AuM stood at €68.08bn, with net inflows over the 12 months of €614m. Prudential became a minority shareholder in Pramerica SGR in 2002.
In 2018, Pramerica agreed to purchase Indian housing finance firm DHFL’s holding in their equal stake joint venture DHFL Pramerica Asset Managers (DPAM).
Intesa’s push towards wealth space
This latest transaction is line with the Intesa’s objective of becoming a wealth management and protection company in the European region.
The bank, through its subsidiary Eurizon, maintain a presence in the Italian asset management space. It offers a range of asset management products and services for retail, private and institutional clients in a number of international markets.
These include the UK, Luxembourg, France, Spain, Germany, Eastern Europe, Switzerland, Hong Kong and mainland China.
Intesa said that the acquisition takes a further step in the integration of UBI Banca into Intesa Sanpaolo.
UBI was acquired by Intesa last year.
In 2016, Intesa signed a distribution deal with Lyxor Asset Management to make Lyxor’s seven alternative Ucits funds as well as two multi asset funds available to private banking investors in Italy.