Spanish insurer Grupo Mutua is taking a 30% stake in EDM with the possibility to increase it up to 51% by the end of the year.
The transaction, already approved by the respective board of directors but expected to take place in the first quarter of the year, also contemplates the option for Mutua to acquire an additional 21% by the end of 2019, thus raising to 51% its stake in the business.
EDM, with over €3.7bn in assets under management, and offices in Barcelona, Madrid, Luxembourg and Mexico City, will keep its independence in management as well as will continue having Eusebio Díaz-Morera as its president and Antoni Nuesnell as CEO.
The transaction follows Mutua's recent acquisition of Alantra Wealth Management and is in line with the firm's strategic plan, aimed at growing in the asset management and advisory business positioning itself as the first independent fund manager in Spain.
Ignacio Garralda, president of Grupo Mutua, said: "This acquisition confirms our commitment to the asset management industry and the aim of Grupo Mutua to be considered the leading independent adviser and asset manager in Spain."