Finland-based Taaleri has wrapped up the sale of its wealth management operation to Finnish bank Aktia.

The transaction covers Taaleri Wealth Management, Taaleri Fund Management, Taaleri Tax Services and Evervest from Taaleri for €120m.

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The deal, which was valued at €120m, was announced by the companies in March this year.

Aktia paid €10m of the purchase price by directing 974,563 new Aktia shares with each share priced at €10.2610.

Taaleri has received the net cash of the divested operations worth approximately €4m and dividends paid by Taaleri Wealth Management to Taaleri during the start of the year, totalling €7.2m.

Taaleri said that it will recognise a capital gain of around €110m on the sale in the second quarter of 2021.

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Taaleri CEO Robin Lindahl said: “The transaction supports Taaleri’s revised strategy, where our growth will be driven by private equity funds focusing on renewable energy and other alternative investments.

“Our vision is to be a Nordic forerunner in alternative investments focusing on sustainability. Customers, investors, personnel and owners all stand to benefit from the specialisation made possible by this transaction.”

Around 100 employees of Taaleri have joined Aktia, while a team of five from Aktia’s real estate and infrastructure business shifted to Taaleri.

In connection with the deal, Taaleri took over business operations for the portfolio management of Aktia’s special investment fund investing in real estate as well as the Aktia Infra I Ky fund.

Taaleri will also serve as the portfolio manager for Aktia’s special investment funds investing in real estate in the future.

Additionally, the companies agreed to a cooperation that supports the strategies of both companies. As part of this, Aktia will sell Taaleri’s alternative investment products to its customers.

In 2018, Taaleri Wealth Management agreed to buy the entire share capital of Evervest, a local robo-adviser wealth management firm.