UniCredit sells Sofipa to Synergo

Italy’s bank UniCredit has sold its 100% stake in asset manager Sofipa SGR to Cuneo e Associati SpA and Paolo Zapparoli, shareholders of Synergo SGR.

The deal has been completed for an undisclosed amount, as UniCredit seeks to boost its profitability in adverse market conditions.

Sofipa is a private equity company with about €300m of assets, while Synergo is a private equity company with about €1bn under management.

As part of the same deal, UniCredit will also invest €50m into Sinergia II, a fund launched by Synergo in 2011.

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