Italy's Generali has finalised the deal with German Group Union Union Asset Management Holding AG to acquire Union Investment TFI in Poland.
Generali has received the required approvals from all relevant regulatory bodies and competition authorities.
Generali entered into the agreement to acquire a 100% stake in the Polish asset management company Union Investment TFI in October 2018.
Union Investment TFI is Poland's sixth largest asset management company with €3.3bn of assets under management. It has a client base of approximately 135,000 retail investors and 550 institutional investors and boasts a broad range of fund products across equities, fixed income and absolute return.
Generali started operating in Poland in 1998, where it now has 1,600 local employees and provides property and casualty insurance to retail and corporate clients as well as life insurance products and pension funds.
The acquisition comes following Generali's signing of the final agreement to buy Concordia insurance companies specialized in the agriculture sector in November 2018.