Spanish insurer Mutua Madrileña is acquiring a 50% stake in the private banking business of Alantra for €23.7m in a bid to strengthen its asset management business through clients portfolio but also through purchases.
The current purchase's amount could increase to €30m depending on the degree of compliance with Alantra's 2018-2020 business plan.
Mutua has explained that once the operation is complete, both the management team of Alantra Wealth Management and its parent company Alantra, will remain as shareholders with a 25% stake each.
The transaction is part of Mutua Group's Strategic Plan 2018-2020, which aims at growing its financial advisory business and consolidating Mutuactivos as the leading investment fund manager in Spain, the company said in a note.
The acquisition has been approved by the boards of directors of Mutua Madrileña and Alantra and is expected to be complete in the first quarter of next year, once they get regulatory approvals, Mutua said.
Alantra Wealth Management, with offices in Madrid, Barcelona, Bilbao, Seville, Coruña and Zaragoza, specialises in advising HNWI with a value proposal based on a private bankers service with extensive experience.It manages some €1.6bn in assets, from which €300m correspond to investment funds and sicavs directly managed by it.