Man Group buys majority stake in impact investing asset manager

Taken 51% stake in Geneva-based Asteria Investment Managers

Man Group has bought a 51% stake in Geneva-based impact asset manager Asteria Investment Managers.

The other 49% is held by Fideuram-Intesa Sanpaolo Private Banking, in a new partnership.

Approval and clearance for the deal has been received from the Swiss Financial Market Supervisory Authority (FINMA) and antitrust authorities.

The focus will now be on building out Asteria’s offering by creating a range of technology-enabled alternative and long-only investment strategies.

To achieve this Man Group’s expertise in bespoke portfolio solutions will be combined with the strong investment management capabilities of both Man Group and Asteria and F-ISPB’s private banking expertise, financial adviser network and client base.

Steven Desmyter, president at Man Group, said: “We’re excited about the possibilities this joint venture opens up. The F-ISPB team has exemplary local knowledge and we share its commitment to innovation and excellence. 

“Working side-by-side puts us in a great position to generate a new set of relevant investment solutions for clients in Europe as we seek to address their varied performance, portfolio construction and risk management needs.”

Tommaso Corcos, CEO and general manager of Fideuram-Intesa Sanpaolo Private Banking, said: “In an ever-evolving global financial landscape this partnership with an international asset manager will help us to support the discerning needs of our private banking clients and exemplifies our commitment to delivering unique investment solutions to our high-net-worth customers.”