MILAN (Reuters) - Italian bank Intesa Sanpaolo (BIT:ISP)'s private banking business said on Thursday it had agreed to sell the majority of its small Swiss asset manager Asteria to British active investment management firm Man Group.
Fideuram-Intesa Sanpaolo Private Banking (F-ISPB) said it would retain 49% of Asteria, which supplies investment products for private banking customers and already has three funds with sustainable investment goals.
By partnering with Man Group, which had $143 billion of assets under management at the end of last year, Asteria will expand its product offering to give its clients alternative and long-only investment strategies powered by technology, it said.
Making use of Man's distribution network across Europe, Asteria will be able to expand the reach of its offering beyond Switzerland with an initial focus on Italy, it said.
The accord is expected to close by the end of the year.