Italian insurance group Generali has acquired a majority stake in French group Sycomore Factory, the controlling company of Sycomore Asset Management, having received the authorisation of the relevant antitrust and regulatory authorities to the partnership proposed in September 2018.
The move is part of an ambitious three-year plan Generali outlined last year to develop its European business, including its asset management operation. The group has set aside €3bn-€4bn to invest in growth, either organically or via acquisition.
Generali said the partnership with the French group has substantial potential for revenue synergies. Sycomore is a specialist in sustainability and responsible investments in France, the group said. Generali said its support would help accelerate Sycomore’s international expansion and foster the development of tailored offerings towards retail and institutional clients.
In December, Generali acquired London-headquartered CM Investment Solutions, a provider of alternative Ucits strategies, from Bank of America Merrill Lynch.
This article first appeared on Expert Investor, ESG Clarity‘s sister site.