Old Mutual sells Italian business to Cinven for €278m
Old Mutual Wealth has agreed to sell its Italian business to European private equity firm Cinven for €278m (£236m, $308m).
M&A Deals
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MetLife net income down 94% after variable annuity review
US insurance giant MetLife reported a drop in net income of 94% to $64m (£48m, €57m) for the second quarter after bringing forward an annual review of its variable annuities business as it looks to offload a substantial part of its US retail business.
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MUFG bolsters fund administration capability with acquisition
MUFG Investor Services, the global asset servicing group of Tokyo-based Mitsubishi UFJ Financial Group, has agreed to acquire mutual fund administration business Rydex Fund Services from Guggenheim Partners.
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Santander and UniCredit end fund management merger talks
A deal to merge the fund management businesses of Italy’s UniCredit and Spain’s Santander has officially been called off.
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First Names Group acquires Nautilus
First Names Group has received regulatory approval to acquire trust and corporate services provider Nautilus Trust Company in Jersey, Hong Kong and London.
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South Africa insurer Sanlam buys 49% stakes in Firstglobal AM
Graviton Financial Partners, a wholly-owned subsidiary of South African insurance giant Sanlam, has acquired a 49% stake in Firstglobal Asset Management for an undisclosed sum.
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Curtis Banks buys Sipp book out of administration
Curtis Banks Group has acquired the self-invested personal pension (Sipp) business of UK-based European Pensions Management (EPM) for an undisclosed sum.
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Legg Mason acquires 82% in US-based investment platform
Legg Mason has acquired an 82% stake in US-based online investment adviser Financial Guard for an undisclosed sum.
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Zurich to sell Africa units to Canadian insurer Fairfax
Swiss-based insurer Zurich has sold its operations in South Africa and Botswana to Canada’s Fairfax Financial Holdings for an undisclosed sum.
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Julius Baer buys Commerzbank’s Luxembourg private bank
Swiss private banking group Julius Baer has completed its acquisition of Commerzbank International S.A Luxembourg (Cisal), a fully-licensed private bank located in the Duchy.
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Zedra expands in Europe with Dutch acquisition
Zedra, an independent trust, fiduciary, corporate and fund services provider, has agreed a deal to buy Netherlands-based Allied Corporate Services to strengthen its position inside the European Union.
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GAM makes UK acquisition in defiance of Brexit worries
GAM, the acquisitive Swiss asset manager, has made another move. It announced today it bought the UK-based multi-strategy systematic manager Cantab Capital Partners for $217m (€195m).