Italian insurance giant Generali has acquired a 100% stake in Polish asset management company Union Investment TFI as it looks to to strengthen its presence in central and eastern Europe.
With €3.3 billion of assets under management, Union Investment is the country’s sixth largest asset management company. It has approximately 135,000 retail investors and 550 institutional investors and boasts a broad range of fund products across equities, fixed income and absolute return.
“In addition to our multiboutique initiative for Europe announced in May 2017, we seek to benefit from the growth opportunity of CEE, especially in Poland, the largest market in the region,” commented Timothy Ryan, Chief Executive Officer of Generali Asset Management.
Ryan stated that Generali would now be leveraging the strong position of Generali Poland and Union Investment, combining the company’s own expertise with that of experienced local investment professionals who have an, “excellent performance track record, to deliver the best possible investment solutions to customers.”
Luciano Cirinà, Austria, CEE & Russia Regional Officer and CEO of Generali CEE Holding B.V. added, “We share our Group’s strategic vision. The 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. The company will be supervised by our Regional Office in Prague as part of the Asset Management Line.”
“Thanks to the contribution made by the company’s present team, nothing significant will change for its customers. Going forward, we will be combining the skills and know-how of the Generali Group and the company to offer customers and business partners best-in class insurance and financial products and services.”
