Fund management giant DWS Group and Italy’s Generali Group have agreed a deal to develop unit-linked investment solutions together across Europe.
DWS Group, formerly Deutsche Bank’s asset management arm, will become one of Generali’s preferred asset managers eligible for selection the Italian insurer’s subsidiaries in key European markets.
“The partnership with DWS is a crucial step in reshaping unit-linked portfolios with selected high-quality providers,” said Bruno Guiot, head of Group Individual Savings Solutions at Assicurazioni Generali.
Guiot said the deal was aimed at strengthening the performance of the firm’s unit-linked solutions and enhancing the quality of services provided to its customers.
Under the agreement, the two companies will work to strengthen their cooperation efforts in providing unit-linked solutions in France, Switzerland, Italy and Germany as well as potentially in other countries.
Expanding our relationship with one of the biggest insurance companies in the world is an important milestone for us as we further develop our already sizeable insurance business, especially in the unit-linked space,” said Thorsten Michalik, co-head of DWS Group’s Global Coverage Group.
“With Generali we have found the right partner to build on our leading market position in unit-linked products throughout Europe,” he said.
Tie-up part of wider strategy
The tie up with DWS Group follows a deal Generali announced last month to provide $4bn (£3bn, €3.4bn) in seed capital to ex-Alliance Bernstein chief executive Peter Kraus to set up a New York- based asset management firm called Aperture Investors.
That fund aims to charge “ETF-like fees”, which can only go higher when managers beat their benchmarks in a bid to disrupt the fixed-fee structure of the wider industry.
Generali recently sold its international life operation, Generali Worldwide, as it pivots more towards a focus on asset management.
Generali Worldwide, which provided single premium and regular premium unit‐linked investment solutions to customers outside the EU, had a network of branches, licences and distribution relationships across the world, with most of its clients based in Latin America, the Middle East and Far East.