Duemme SGR sells its RE mutual funds business to Idea Fimit
Italian asset manager Duemme SGR has announced it has reached an agreement to sell to Idea Fimit the real estate mutual funds business currently managed by the company.
Following the deal, Idea Fimit will manage eight real estate funds for total assets of about €560m, previously owned by Duemme. The company currently has €10bn under management in 31 different funds.
Duemme SGR is part of Banca Esperia Group, owned by Mediobanca and Mediolanum, which has €13.6bn assets under management.
In 2011, Banca Esperia announced the sale of some hedge funds. The new agreement is part of the same long-term plan to refocus on core asset management business for private and institutional clients, the bank said.
The deal is part of a broader partnership agreement between the two Italian asset managers, according to which Banca Esperia will focus on the private banking business and Idea on the real estate sector.
Idea Fimit’s main shareholder is publishing group Gruppo De Agostini.