Frankfurt-based fund provider Union Asset Management has sold Polish subsidiary Union Investment TFI to Italian insurance giant Generali. Regulators still have to approve the transaction, which is expected to close in the first half of 2019.
Union Investment TFI was founded in 1995 and manages €3.3bn, making it Poland’s sixth largest asset manager. The company serves around 135,000 private clients and 550 institutional investors. Its product portfolio comprises 30 portfolios, including equity, annuity and absolute return funds.
The company will be supervised by Generali’s regional office in Prague as part of the Asset Management Line.
“We share our Group’s strategic vision. Austria, CEE & Russia region is pressing forward with the development of joint activities that combine insurance and asset management lines. We have already seen this process in Slovenia. We give our full support to the development of this unique strategic business opportunity in Poland,” said Luciano Cirina, Austria, CEE & Russia regional officer and CEO of Generali.