Man Group agreed to acquire a 51% stake in ESG boutique money manager Asteria, which is based in Geneva, a spokeswoman confirmed.
Terms of the deal, which is expected to be completed by the end of 2023, were not disclosed.
Man will take the stake from, and partner with, Fideuram Intesa Sanpaolo Private Banking. Fideuram will retain the remaining 49% stake.
Asteria manages three funds with sustainable investment objectives for wealth management clients. As part of the partnership, Man and Fideuram will focus on building out technology-enabled alternative and long-only investment strategies and leverage financial adviser network and client base.
Man Group had $144.7 billion in assets under management as of March 31. Asteria's AUM wasn't immediately available.
