Spanish insurer Mutua Madrileña Automovilista Sociedad de Seguros a Prima Fija has signed an agreement to take 30% stake in asset manager EDM, Europapress reported.

The deal will close in the first quarter of 2019 and will include an option for Mutua Madrileña to increase its stake to 51% by the end of 2019, the news agency said.

The report said the insurer, which has €6.6 billion in assets under management, was seeking to boost its asset management business and position itself as the leading independent fund provider in Spain.