Private equity firm Lovell Minnick Partners has completed a growth investment in Trea Asset Management, an independent asset management firm in Spain.
Terms of the private investment have not been disclosed.
Founded in 2006 and with offices in Barcelona and Madrid, Trea currently has approximately EUR2.8 billion of assets under management.
The firm manages traditional mutual funds across equities, fixed income, balanced, and fund of funds primarily through exclusive distribution partnerships with its bank partners, its own branded funds and alternative private equity and credit products.
The Lovell Minnick Partners investment will provide capital to support the continued growth of Trea and its acquisition of Banco Madrid Asset Management, which manages EUR1.3 billion of mutual fund assets primarily through its distribution partnership with Banco Mare Nostrum. Trea will remain majority owned by its chairman and founder Carlos Tusquets, who founded Spain's first private bank (Fibanc), as well as vice chairman Ramón Betolaza, and CEO/CIO Antonio Muñoz.
“Trea’s management team has demonstrated unparalleled success in creating bank partnerships and developing unique products to meet growing demand from retail customers for higher yielding investment options,” says Steve Pierson (pictured), president of Lovell Minnick Partners. “We are thrilled to partner with Trea and its talented management team in executing their growth plans. It is also gratifying to source our first proprietary investment in Spain, one of the key markets in Europe where we are seeing attractive growth opportunities in financial and business services.”
Lovell Minnick’s current asset management portfolio companies include Matthews International Capital Management and 361 Capital.
The acquisition of Banco Madrid Asset Management will boost the company’s assets under management to over EUR4 billion and create a new distribution partnership with Banco Mare Nostrum, in addition to its existing relationships with Cajamar and Banco Mediolanum.
“We are confident that Lovell Minnick Partners’ proven experience in scaling asset management businesses will help support the growth of Trea and enhance our operations, sales and distribution capabilities,” says Munoz. “We continue to focus on providing a complete range of asset management services to Spain’s underserved retail investors through our bank partners.”
