Italian lender Banca Generali has agreed to buy 100% of NEXTAM Partners, a local wealth and asset management firm serving private banking and institutional clients.

The acquisition, formalised and accepted by all the firms, aligns with Banca Generali’s wider private banking growth plan to boost its asset management and advisory capabilities.

The deal is subject to customary closing conditions. Financial terms of the transaction were not disclosed.

“Through this transaction, Banca Generali’s will acquire new expertise — strengthened by the successful results achieved and the acknowledgements received by NEXTAM Partners Group in the past 18 years — expand the bank’s HNWI client base and accelerate the development of new operating opportunities,” Banca Generali said in a statement.

Nextam Partners Group comprises three business lines in Milan, Florence and London.

Founded in 2001, the group has nearly €5.5bn in assets under advisory along with €1.3bn in assets under management. It tends to around 2,500 clients.

The group is 80% owned by its three founder partners, with the remainder owned by other Italian and foreign shareholders.

Generali was previously in talks to buy France’s Sycomore Asset Management