Zenit pushed ahead with Mc Gestioni merger

Italian asset manager Zenit Sgr confirmed it has started to merge its funds offering with products currently branded by insurance and asset management group Mc Gestioni Sgr.

Zenit announced its decision to acquire Mc Gestoni from Sara Assicurazioni in March.

The deal was authorised by the Bank of Italy last week, and is expected to be completed over the summer.

Five funds by Zenit and 11 funds by Mc Gestioni will be consolidated into a single group rebranded as ‘sistema fondi Zenit Mc’ from ‘sistema fondi Zenit’.

The group will have five new funds: Zenit Mc Megatrend, Zenit Mc Breve Termine, Zenit Mc Obbligazionario, Zenit Mc Evoluzione and Zenit Mc Parsec.

Changes will be introduced on July 1, and investors will be able to transfer their investments until August 27.

According to the merger filing, despite the acquisition all products will retain the double Zenit-Mc brand.

Following the acquisition, Zenit will have about €750m in assets under management.

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