Italy’s Credito Valtellinese and AMH join forces on asset management
Italy’s Credito Valtellinese and Asset Management Holding (AMH), the holding company of asset management firm Anima SGR, have signed a partnership agreement according to which Credito Valtellinese will sell to AMH its asset management and private banking businesses.
The deal will have an overall value of €33m. In detail, AMH will pay €27m for asset manager Aperta SGR, and €6m for Lussemburgo Gestioni.
Meanwhile, Credito Valtellinese has approved a capital increase aimed at the aquisition of a 2.8% share of AMH, in order to seal the preferential partnership on asset management.
The deal is subject to regulatory approval and expected to be completed by the end of 2012.
At the end of June, Credito Valtellinese has €2.5bn assets under management, and AMH €35bn under management.