(Boursier.com) — Generali is considering a deal with US investment firm Guggenheim Partners to bolster its asset management business. Citing its ‘traditional’ sources familiar with the matter, ‘Bloomberg’ says Italy’s top insurer has been in informal talks about options ranging from a full acquisition of Guggenheim’s asset management business to a partnership or a strategic investment. Generali has also reportedly considered selling its Banca Generali unit to Mediobanca to help fund a potential deal, the agency’s sources say.
Considerations are at an early stage, talks have resumed intermittently and may not result in a deal. Generali could also seek another option in the United States. “From time to time, we have inquiries and even discussions with third parties who wish to consider joint ventures or who are looking to make capital investments in our business,” Guggenheim spokesman Gerard Carney said. “We do not comment on these conversations which occur regularly, and often more than one at a time.”
As part of his latest strategic plan, Generali chief executive Philippe Donnet aims to develop the group’s asset management arm, which accounts for less than 12% of its profits. Since 2017, ‘Bloomberg’ recalls that the insurer bought the French Sycomore Asset Management to strengthen its offer of environmental and socially responsible funds and Lumyna, a London-based alternative asset management unit of Bank of America.
Guggenheim, whose origins date back to lead and silver mining in Colorado in the late 1880s, managed more than $228 billion in assets as of the end of June, according to its website. Generali Investments for its part managed around 575 billion euros at the end of 2021.
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