Generali has entered into an agreement with the German Group Union Asset Management Holding AG to acquire a 100 percent stake in the Polish asset management company Union Investment TFI S.A. The acquisition of the Polish asset manager Union Investment TFI will significantly strengthen Generali’s presence in Poland.
Union Investment TFI is Poland’s sixth largest asset management company with assets under management of 3.3 billion EUR. 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 multi-boutique 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. We will be leveraging on the strong position of Generali Poland and Union Investment TFI, combining our 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,” said Timothy Ryan, CEO of Generali Asset Management.
Financial details of the acquisition were not revealed. The transaction has to be approval by regulatory authorities.
Generali, which has been operating in Poland since 1998, ranks seventh in the Polish market with gross premiums written of 550 million EUR and a 4 percent market share in 2017, the company said. With 1,300 local employees, it provides property and injury insurance to retail and corporate clients as well as life insurance products. It is also active in the pension fund segment.
