Italy’s Arca SGR buys mutual fund business from Banca Popolare di Vicenza
Milan-based asset manager Arca SGR has confirmed the acquisition of the fund business of Banca Popolare di Vicenza.
The acquisition will see Arca taking control of 14 mutual funds previously owned by Banca Popolare di Vicenza, with assets under management of €1.3bn at the end of June.
The acquisition is subject to regulatory approval and the value of the deal will be determined when the sale will be completed.
The deal confirms Arca’s growth strategy on the Italian market, which follows the appointment of Ugo Loser (pictured) as chief executive at the company.
In April, Arca agreed to buy from Vegagest Sgr the mutual funds business Vega Asset Management Sgr, a deal expected to be completed in September.
In November 2011, the company acquired 13 harmonized open-ended mutual funds of the Optima Funds System, merging them with the corresponding mutual funds of Arca.