Generali Investments’ asset management subsidiary Generali Investments Deutschland (GID) has been merged into Generali Investments Europe, as part of the group’s decision to streamline its global asset management business.
The merger, which is effective from the start of June 2016, has been enabled by regulatory changes that supported passporting of funds throughout Europe, Generali said in a statement.
In Germany, GID served as the management company for third-party and Generali Group insurance portfolios. At the end of 2015, the firm had nearly EUR33bn in assets under management (AuM), majority of which included German Spezialfonds (AIF) and mandates set up for the benefit of Generali Group insurance firms.
Generali Investments, which has applied for passporting procedures under UCITS and AIFMD EU directives, will offer its German clients various investment solutions such as Ucits and AIFMD compliant Germany-domiciled investment funds including the Spezialfonds.
Generali Investments CEO Santo Borsellino said: "The merger of GID into Generali Investments is another step forward in the process aimed at creating the pan- European and borderless asset management hub of the Generali Group.
"We have now simplified our structures in Germany, aiming at achieving better coordination across the company and serving our internal and external German clients more efficiently."