EUROPE - Australian financial services giant AMP is to take a foothold in Italy's expanding pensions market with the AS$33m (EUR20m) acquisition of Commerzbank Asset Management Italia (CAMI).
CAMI was established in 2000, and now has around EUR650m in funds under management, predominantly for private clients. AMP said that it is likely to invest a further A$1.1bn in the operation (EUR50m) over the next four years to develop the business.
Managing director of AMP International Tim Wade described Italy as an “attractive European market, currently experiencing rapid growth in savings and significant changes in personal pension provision.”
The firm has staff of 120 and about 200 independent financial advisors, and is expected to contribute to profits by the end of 2005.
The sale is the first part of a shake-up of Commerzbank's Asset Management division. In April, Commerzbank chairman Klaus-Peter Müller said the bank would concentrate on selected European markets, in addition to bundling its German asset management under the umbrella of Cominvest. Both its Jupiter Asset Management in the UK and US-based Montgomery Asset Management are still up for sale.
The new deal is expected to be finalised by September.
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