Slovenian reinsurer SAVA Re announced it has acquired the remaining 84% shareholding interest in local investment fund management company INFOND. The price of the deal was not disclosed.

The Slovenian reinsurer mentioned in a statement:

"On 7 June 2019, having met all the suspensive conditions under the sales agreement of 24 December 2018, Sava Re d.d. acquired a 77% stake in the share capital of Infond d.o.o. and an additional 7% stake under the sales agreement of 15 January 2019, totalling an 84% stake in the share capital, and, taking into account own shares, 85% of the voting rights."

With the subsidiary Zavarovalnica SAVA d.d. already holding a 15% stake in the company, SAVA Insurance Group now hold 100% of the voting rights in INFOND.

INFOND is one of the largest fund managers in Slovenia serving over 80,000 investors and manages assets in excess of EUR 300 million in the INFOND UMBRELLA FUND, which is made up of 22 sub-funds offering diverse investment policies. In terms of the number of funds and assets under management, INFOND ranks as a major asset manager in Slovenia with a market share of approximately 12%.

"This acquisition is a further step in the strategy of the SAVA Insurance Group of acquisitions-based growth in asset management, which alongside insurance business is a major pillar of the Group's operations. The acquisition of INFOND will allow the SAVA Insurance Group to further expand and develop its asset management operations".