Italian insurer Generali Group has acquired CM Investment Solutions Limited (CMISL), an alternative asset manager in London, from Bank of America Merrill Lynch.
Details of the transaction were not disclosed.
CMISL, which was established in 2007, has grown to become the largest platform in its market segment, with over $11 billion in assets under management. It is a leader in alternative UCITS (Undertakings for the Collective Investment of Transferable Securities) strategies.
Over the last 10 years, investor appetite for non-traditional asset classes has grown. In line with this trend, assets invested in alternative UCITS strategies have been witnessing a significant increase, from below € 100 billion in 2008 to over € 582 billion as of August 2018, with a 2.5x growth in the last four years alone.
CMISL will be 100 percent owned by Generali Investments Holding S.p.A. and continue to be headquartered in London with global reach. CMISL will operate autonomously, according to the announcement.
Generali said this acquisition marks an acceleration in its asset management strategy, which targets an expansion into alternative strategies and growth outside of Europe.
Tim Ryan, CEO of Generali Asset Management, said alternative investments is a segment the company believes in and that is growing in importance in its customer portfolios.
Generali recently told investors that it aims to build one of the “five largest multi-boutique platforms in the world in terms of overall profits in the next five years.”
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