Grupo CIMD and Grupo Crédito Agrícola agreed on 27 April to transfer the management of Crédito Agricola’s mutual funds to IM Gestão de Ativos (IMGA).
As part of the deal, the funds, previously overseen by CA Gest, will be distributed within the Grupo Crédito Agrícola retail agency network.
IMGA will now manage an amount in excess of €2bn, thus consolidating its position as the 3rd largest invest fund manager in Portugal, with a market share of 17.9%.
Licínio Pina, CEO of Crédito Agricola said: “This deal allows for the continuation of the excellent performance that CA Funds have presented, and with the transfer of management, marks a step that confirms the orientation of Grupo Crédito Agrícola among its clients, allowing them in the short term, through its 672 agencies to benefit from an enlarged selection and availability of investment instruments, managed by international investment managers.
“For Grupo CIMD, of which Crédito Agricola is a shareholder, it means an increase of assets under management and obtaining greater economies of scale in a sector ever more competitive, as is the asset management industry,” Pina added.
Emanuel Silva, CEO of IMGA, said: “Following the acquisition of Millennium Gestão de Ativos in May 2015, the agreement with Grupo Crédito Agrícola will allow a more thorough national distribution coverage, with IMGA products being made available in over 1500 outlets, which represent roughly 25% of all client assets in the domestic financial system.”