GENERALI Acquires Alternative Asset Management Firm from Bank of America

6 December 2018 — Andrei Victor
Italian insurer GENERALI has acquired CM Investment Solutions Limited (CMISL), from Bank of America Merrill Lynch. Details of the transaction were not disclosed.

CMISL was established in 2007, and for over 11 years has been partnering with leading alternative asset managers, growing to become the largest platform in this market segment, with over USD 11bn in assets under management (AuM) as at 30th September 2018.

Over the last ten years, the search for uncorrelated positive absolute sources of returns has fueled investor appetite for non-traditional asset classes. In line with this trend, assets invested in alternative UCITS strategies have been witnessing a significant increase, from below EUR 100 billion in 2008 to over EUR 582 billion as of August 2018, with a 2.5x growth in the last four years alone.

"A recognized leader in the delivery of alternative UCITS (Undertakings for the Collective Investment of Transferable Securities) strategies, with an international and fast-growing client base, CMISL will further help Generali's product offering and distribution capabilities for its clients and distribution partners", as the Italian insurer pointed out in a statement.

CMISL will operate autonomously, whilst at the same time benefiting from the support of a large global group. CMISL will be 100% owned by Generali Investments Holding S.p.A. and continue to be headquartered in London with global reach.

The insurer affirmed this acquisition marks an acceleration in the execution of it asset management strategy, which targets an expansion into alternative strategies and growth outside of Europe.

"Generali aims to build one of the five largest multi-boutique platforms in the world in terms of overall profits in the next 5 years as presented during its Investor Day on the 21st of November 2018".

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