Italian fund buys stake in asset manager Anima in play on bank M&A

An Italian private equity fund has bought 7.2% of Anima Holding (ANIM.MI), the bank that handled the deal said on Wednesday, investing in an asset manager likely to be involved in future domestic banking consolidation.

The €109m stakebuilding strengthens the grip of Italian investors on a company in which France’s Amundi (AMUN.PA) – Europe’s biggest asset manager – has also taken a stake through funds managed on behalf of clients.

Amundi has a strong presence in Italy having spent €3.6bn in 2017 to buy peer Pioneer from UniCredit.

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Formerly backed by the state and focused on promoting national champions, private equity fund Fondo Strategico Italiano (FSI) targeted a stake of up to 9%. It secured just above the 7% minimum deal size with a 7.5% premium versus Tuesday’s closing price.

Shares in Anima closed up 3% at 4.17 euros each on Wednesday, below the 4.35 euros offered by Mediobanca (MDBI.MI) on behalf of FSI.

Anima shares hit a 29-month low in September at 2.8 euros, but have recovered since.

A person close to the matter said FSI had further beefed up its stake on Wednesday, with volumes traded totalling some 40 times the past month’s daily average. FSI, which has not disclosed the reasons behind its investment, declined to comment.

Formerly an investment vehicle of Italian state lender CDP, FSI is now owned by its partners, including CEO and former Merrill Lynch banker Maurizio Tamagnini.

Source: Reuters

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