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Money Mangement

Generali acquiring Polish money manager Union Investment

Italian insurer and money manager Generali Group is acquiring Polish money manager Union Investment TFI.

The firm said it would acquire the entire €3.3 billion ($3.8 billion) money manager in a deal to strengthen its presence in Poland.

Union Investment has about 550 institutional investor clients and 135,000 retail investors and manages assets across equities, fixed-income and absolute-return strategies.

The deal is subject to regulatory approvals. A completion date and financial details were not disclosed.

"In addition to our multiboutique initiative for Europe announced in May 2017, we seek to benefit from the growth opportunity of (Central and Eastern Europe), especially in Poland, the largest market in the region," said Timothy Ryan, group chief investment officer and CEO asset and wealth management, in a news release. "We will be leveraging on the strong position of Generali Poland and Union Investment TFI, combining our own expertise with that of experienced local investment professionals who have an excellent performance track record, to deliver the best possible investment solutions to customers."

Generali has operated in Poland since 1998 in the insurance industry, and is also "active in the pension fund segment," the news release said.

Spokesmen for Generali could not be reached for comment. A spokesman for Union Investment was not immediately available to comment.