UK hedge fund manager Man Group has agreed to acquire a 51% stake in Asteria, an ESG-focused boutique money manager owned by Italian private bank Fideuram – Intesa Sanpaolo Private Banking, which will retain the other 49% of the business.
UK hedge fund manager Man Group has agreed to acquire a 51% stake in Asteria, an ESG-focused boutique money manager owned by Italian private bank Fideuram – Intesa Sanpaolo Private Banking (F-ISPB), which will retain the other 49% of the business.
The investment team at Geneva-based Asteria, focuses on “innovative solutions for the wealth management space” and already has three funds with sustainable investment objectives.
According to a statement by Man and F-ISB, the partnership will “focus on building out the offering, creating a diverse range of technology-enabled alternative and long-only investment strategies”. It will also be able to leverage F-ISPB and Man Group’s considerable distribution capabilities across Europe, with an initial focus on Italy.
The agreement, which is subject to customary regulatory approvals, is expected to be completed by the end of 2023.
