Italian lender Mediobanca - Banca di Credito Finanziario SpA said it completed the acquisition of a 69% majority stake in Switzerland-based employee-owned asset manager RAM Active Investments SA following receipt of requisite clearances from prudential authorities.
RAM AI founding partners Thomas de Saint-Seine, Maxime Botti and Emmanuel Hauptmann will retain "significant stakes" in the company and will remain committed to its development for a minimum period of 10 years. Each will also reinvest a "meaningful part" of their proceeds into the company's funds.
REYL Group, meanwhile, will retain a 7.5% stake in RAM AI and will continue to operate as a key partner and anchor investor in the company's products.
RAM AI will be consolidated in Mediobanca's financial statements beginning March 1. The company will add roughly €57.1 million in net fee and commission income, €4.3 billion in assets under management and €19.6 million in net profit, on an annual basis, to the group's figures.
Following the consolidation of RAM AI, Mediobanca's wealth management division will represent 25% of the group's revenues, 45% of group fee income and 10% of group gross operating profit. Mediobanca said the acquisition is integral to its strategy of continuing to grow in asset management, adding that it will contribute CHF200 million of seed money to allow RAM AI to launch new investment products and expand its own offering.
The deal is EPS-accretive by 2% and absorbs 30 basis points of group common equity Tier 1 ratio, including put and call agreements, seed capital and payment in both cash and shares in the bank, it noted.
