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Generali enters exclusive talks for majority stake in ESG-focused asset manager

Generali said it entered into exclusive talks with France-based Sycomore Asset Management's shareholders to buy a majority stake and to form a strategic partnership that will help drive its environmental, social and governance ambitions.

The French asset manager had more than €8.3 billion in assets under management at July and Generali called it the "undisputed pioneer" of the environmental, social and governance, and socially responsible investing segment in France.

Sycomore will become part of Generali's multiboutique platform, which is coordinated by Generali Investments Partners. The partnership will aim to build on the existing business relationship between the two parties and will offer significant potential for revenue synergies through the acceleration of Sycomore's international expansion and development of offerings to retail and institutional customers.

The founders of Sycomore will remain significant shareholders with its strategy and operations to be run independently.

Any potential agreement from the discussions is subject to the consultation of the workers' council of Sycomore, as well as the approval of relevant antitrust and regulatory authorities.

Zaoui & Co. and Sycomore Corporate Finance are serving as exclusive financial advisers to Generali and Sycomore's shareholders, respectively. Dechert is acting as legal adviser to the Italian insurer, while Scotto & Associés is serving as legal adviser to the shareholders of the French company.