(Alliance News) - Following the strategic partnership in asset management announced in June, Fideuram - Intesa Sanpaolo Private Banking Spa and Man Group confirmed Tuesday that they have obtained regulatory approvals.

Man Group thus acquired a 51 percent stake in Asteria, the Geneva-based ESG-focused asset management company, including its fund range, while Fideuram retains 49 percent.

The completion of the Asteria transaction is the first step in the new partnership. The focus will now be on expanding the offering by creating a range of alternative and long-only investment strategies that apply cutting-edge technologies, combining Man Group's expertise in innovative portfolio solutions, Man Group's and Asteria's strong investment management capabilities, and F-ISPB's private banking expertise, network of financial advisors, and client base.

In an ever-changing global financial landscape," said Tommaso Corcos, CEO and managing director of Fideuram. "This partnership with an international asset manager will help us respond to the increasingly sophisticated needs of our most affluent clients by providing them with unique investment solutions.

We are excited about the possibilities this joint venture opens up," added Steven Desmyter, chairman of Man Group. "The F-ISPB team holds an exemplary position within the Italian distribution landscape, and as Man Group we share their commitment to innovation and excellence. Working side by side puts us in an excellent position to generate a new set of relevant investment solutions for clients in Europe as we seek to meet their diverse performance, portfolio construction and risk management needs.

Intesa Sanpaolo's stock is up 2.0 percent at EUR2.45 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.