Italian insurer Generali has closed the acquisition of a 100% stake in Polish asset manager Union Investment TFI after securing regulatory approval.
The deal, whose financial terms were not disclosed, was announced last October.
While announcing the deal, Generali Asset Management CEO Timothy Ryan said: “We will be leveraging on the strong position of Generali Poland and Union Investment TFI, combining our own expertise with that of experienced local investment professionals who have an excellent performance track record, to deliver the best possible investment solutions to customers.”
Union Investment serves around 135,000 retail investors and 550 institutional investors.
It offers various funds covering equities, fixed income and absolute return.
The business, overseeing €3.3bn in assets, is said to be the sixth largest asset manager in Poland.
In the same month, Generali subsidiary Banca Generali agreed to buy 90.1% of Swiss wealth manager Valuer Fiduciaria.
Earlier in 2018, Banca Generali announced the purchase of Italian wealth manager NEXTAM Partners.
Then in April, Generali announced plans to launch a new asset management firm in association with various investment professionals.
Currently, Generali has operations in 50 countries across the globe and an employee strength of around 71,000.
Generali’s presence in Poland dates back to 1998. The firm’s staff headcount in the country is 1,600.