Italian investment bank Mediobanca has completed its acquisition of a majority stake of 69% in Geneva-based asset manger RAM Active Investments, following clearances from local regulators.
Mediobanca has purchased the shares from REYL Group, which continues to hold a 7.5% stake in the group and operates as key partner and anchor investor.
RAM’s founding partners, Thomas de Saint-Seine, Maxime Botti and Emmanuel Hauptmann, will retain significant stakes in the company.
The agreement is part of Mediobanca’s strategic shift into asset management, over the past two years, it has also acquired a stake in Barclays Italy, a 50% stake in Banca Esperia as well as a share in Cairn Capital’s alternative asset management business.
RAM’s results will be consolidated in Mediobanca’s figures as of March 2018, providing as significant boost to its figures. RAM estimates that the deal will add approx. €57.1m of net fee and commission income, €4.3bn of AUM and €19.6m of annual net profit to Mediobanca’s figures.
At the same time, Mediobanca will contribute CHF200m (€171m) of seeder money to allow RAM AI to launch new investment products and expand its own offering.
Alberto Nagel, CEO of Mediobanca comments on the agreement: The partnership with Mediobanca will help RAM AI to expand its wide array of institutional and professional investors by leveraging on all synergies offered by co-operation with the Group. At the same time the deal will allow Mediobanca to add a high-quality offering to its platform as the basis for developing Group systematic strategies.”
Thomas de Saint-Seine, CEO of RAM AI adds, “This partnership will provide us with additional operational resources and seeding capabilities that will help drive research at RAM AI while preserving our independence and unique culture.”