Italy's Banco BPM to consider sale of AM branch
Italian banking group Banco BPM, which resulted from last year’s merger of Banco Popolare and Banca Popolare di Milano, is to consider the sale of its asset management branch Aletti Gestielle SGR, according to Reuters.
It reported that Barclays has been asked to start a general review of the newly formed group’s business.
Aletti Gestielle, led by Francesco Betti, had €17bn of assets under management at end-December 2016. It runs a number of flexible, absolute return and fixed income strategies.
Among potential buyers remain the name of Italian largest independent asset manager Anima, in which BPM hold a 14.67% stake.
French asset management giant Amundi may be tempted to strengthen even more its position on the Italian market after it acquired Pioneer Investments at the end of 2016.
Mike Clements, head of European Equities and manager of the Oyster Continental European Selection fund at SYZ Asset Management, suggested in a comment on the Janus Henderson merger last October that not only large groups were looking for M&A but also smaller players such as Anima and Azimut were “on the hunt for bolt-ons.”
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