Italian asset management group Anima has announced the full acquisition of Italian asset manager Aletti Gestielle SGR from Banco BPM.
The announcement confirms the statement released by Anima last month, in which the Italian group revealed plans for possible aggregation of other asset management companies.
The transaction -expected to be fully completed by the end of 2017- has been approved today by the Boards of Directors of Banco BPM and Anima, subjected to the usual regulatory approvals.
It is estimated to cost Anima €700m, entirely paid in cash at the closing date, and increased by the estimated amount of €250m (to be paid in the following 180 days), equal to the excess net shareholders’ equity as well as to the net profit for the period accumulated to the closing date.
The strategic partnership between Banco BPM and Anima and the pertaining commercial distribution agreements will be applicable to the entire Banco BPM Group for a duration of 20 years from the closing date.
The agreement has left an open door for further increase in the extent of the partnership. It would consist in the transfer of the delegated portfolio management activities in the insurance business from Banca Aletti to Anima. Banca Aletti currently runs this business line on behalf of some insurance joint ventures in which Banco BPM is involved.
The potential transfer entails the positive outcome of a separate negotiation between the parties to set the terms and conditions of this. Nonetheless, if executed, Anima would welcome around €11bn in mandates.
Banco BPM will keep a significant stake in Anima, with the commitment to underwrite pro rata the potential Anima right issues for the deal, thus safeguarding a relevant presence in the asset management business.
The distribution network of Banco BPM, together with Anima’s other strategic partners, count on more than 4,800 bank branches.
Anima Group has over €75 billion AuM as of 30 June 2017 and Aletti SGR’s AuM exceeded €18bn.