Generali acquires majority stake in asset manager Sycomore

Italian insurer Generali has completed the acquisition of a majority stake in Sycomore Factory SAS, the controlling company of Paris-based Sycomore Asset Management.

The company has received authorisation from the relevant antitrust and regulatory authorities to the partnership proposed in September 2018.

Sycomore is an independent asset manager with over €8.3 billion assets under management (AuM) as of July 2018.

Generali said the partnership is part of its multi-boutique strategy in asset management and commitment to environmental, social and governance (ESG) and socially responsible investment (SRI), in which Sycomore is said to be a pioneer in France.

By partnering with Sycomore, Generali aims to enrich its offering with innovative investment solutions, and strengthen its focus and capabilities on sustainability and responsible investments for clients.

Sycomore will benefit from the support of a large global group that will help the company accelerate its international expansion, and develop tailored offerings towards retail and institutional clients.

"The agreement is another step forward in the execution of Generali’s asset management strategy," the company said in a statement. "The strategic partnership aims to offer substantial potential for revenue synergies."

In September last year, Generali launched a new asset management company headquartered in New York City that it claims will have a "disruptive revenue model".

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