Commerzbank agreed to buy a majority stake in asset manager Aquila Capital for an undisclosed price, as it seeks to expand fee and commission income by adding investment boutiques.
The German lender will acquire 74.9% in Aquila Capital, it said in a release on Jan. 18. The firm specializes in clean energy and sustainable infrastructure investments and had €14.6 billion ($15.9 billion) in assets under management at the end of the third quarter, according to its website.
The deal "will make an important contribution to the planned commission income growth and 2027 revenue targets," Commerzbank said in the release.
CEO Manfred Knof has made growth in wealth and asset management a centerpiece of his strategy for the lender's retail unit. The deal comes a few months after Commerzbank spun out a small, quantitative asset management firm under the name Yellowfin in which it retained a 75% stake.
Aquila's management team agreed to stay and the company will continue to operate as a largely independent entity "with autonomy on the investment side," Commerzbank said. The deal is expected to close in the second quarter.