Man Group has taken a 51% stake in asset management firm Asteria Investment Managers, a Geneva-based group which is focused on ESG investing.
The deal was first announced back in June, but regulatory approval for the partnership was only just granted.
Fideuram - Intesa Sanpaolo Private Banking (F-ISPB) retains the remaining 49% share in Asteria. Along with its controlling stake, Man Group will also acquire Asteria's existing fund range.
Man Group AUM surpasses $160bn for the first time
Man Group said the deal was the "first step" in its new partnership with F-ISPB, which will focus on creating a range of technology-enabled alternative and long-only investment strategies.
Steven Desmyter, president at Man Group, said he was "excited about the possibilities this joint venture opens up", and commended the F-ISPB's "exemplary local knowledge" which, combined with Man Group's "commitment to innovation and excellence" would see them both "in a great position to generate a new set of relevant investment solutions for clients in Europe as we seek to address their varied performance, portfolio construction and risk management needs".
Tommaso Corcos, CEO and general manager of F-ISPB, added the collaboration with an international asset manager "will help us to support the discerning needs of our private banking clients and exemplifies our commitment to delivering unique investment solutions to our high-net-worth customers".
