International insurance and asset management giant Generali Group has acquired CM Investment Solutions Limited (CMISL), which is a provider of alternative Ucits strategies, from Bank of America Merrill Lynch.
CMISL will help expand Generali’s “product offering and distribution capabilities” for its clients and distribution partners.
The firm will operate autonomously, while also benefiting from the support of the Generali Group.
Carlo Trabattoni, chief executive of Generali Investments Partners, stated: “The acquisition of CM Investment Solutions Limited is an important step ahead in shaping our multi-boutique strategy, as their undisputed expertise in the delivery of liquid Ucits funds and other bespoke strategies gives us the opportunity to offer a selection of top quality alternative products to our clients.”
CMISL, which was established in 2007 will be 100% owned by Generali Investment, and will continue to be headquartered in London.
The financial terms of the deal were not disclosed.
This acquisition is part of Generali’s asset management strategy, which targets an expansion into alternative strategies and growth outside of Europe, as reported by this publication.
CMISL has over $11bn (£8.6bn, €9.7bn) in assets under management, as at 30 September 2018.
Also, Generali Group subsidiary, Banca Generali, has agreed to acquire 90.1% of Valuer Fiduciaria, a wealth management boutique based in Lugano, Switzerland.
The deal is part of its three-year growth plan to grow its private wealth advisory segments, including in Switzerland.
The acquisition will be subject to regulatory approval. The financial terms of the deal were not disclosed.
Valeur Fiduciaria was formed in 2009 and manages CHF1.326m (£1.04m, $1.326m, €1.17m).