Swiss asset manager GAM has denied through a written statement any potential takeover from Generali.
The response to what GAM refers as media speculation follows months of rumours on a potential sale resulting from the company's critical year, which kicked off with the suspension of Tim Haywood in the summer of 2018 and led to the departure of several fund managers and the firm's CEO.
GAM's statement read: "Following press reports about a proposed deal with Generali, GAM can confirm that there are no discussions with the aforementioned company, or any other company, concerning M&A activity."
It added that its board is always keen to assess options to maximise value for shareholders and other stakeholders and that with the appointment of Peter Sanderson as CEO last month, the firm is focused on simplifying the business and improving profitability.
GAM's former investment director Tim Haywood was suspended in August 2018 following an internal investigation into issues relating to his risk management procedures and record keeping.
Sales talks rumours linked to Generali come in the middle of the Italian group's expansion plans to develop its European business operations.
As part of its multi-boutique strategy in asset management, the firm took a majority stake in the French boutique Sycomore Asset Management in February this year. It had previously acquired the Italian investment boutique NEXTAM Partners in October 2018, in a move that according to Generali was aimed at strengthening its range of services and expertise on asset management and financial advisory.
The Italian group announced its multi-boutique strategy in May 2017, in which the firm echoed its plans to bring its assets to €500bn ($580bn) by 2020.