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October 3, 2022

Generali mulling acquisition of Guggenheim’s asset management unit

Italian insurer Assicurazioni Generali is looking to buy US-based investment company Guggenheim Partners’ asset management business, reported Bloomberg News citing sources privy to the discussions.

Through the planned deal, Generali aims to strengthen its asset management business.

Generali has already started informal negations for the purchase of Guggenheim Partners’ entire asset management arm.

The discussions also include options for a partnership or strategic investment in the American investment company, the source added.

To raise funds for the deal, Generali seeks to sell its private bank Banca Generali to Mediobanca. However, the companies are yet to initiate any discussions, told the sources.

According to some of the sources, the discussions might not result in a final deal. Generali could also finalise an agreement with a separate asset management company in the US.

Guggenheim spokesman Gerard Carney was quoted by the news agency as saying: “From time to time, we have inquiries and even discussions with third parties who want to consider joint ventures or who seek to make capital investments in our firm.

“We do not comment on these conversations which occur routinely, and often more than one at a time.”

Generali initially refused to given any update on the matter, but later told the publication that Italian markets regulator Consob had asked the company to explain its stand on it.

Generali said it “is assessing potential M&A opportunities on a continuous basis.”

It also added: “To date no decision has been made to proceed with any such transaction.”   

The firm’s CEO Philippe Donnet is exploring options to enhance the presence of its asset management business under his new strategic plan. Currently, the business represents less than 12% of the company’s profits.

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