The insurance group pays 16.6 million to expand its presence in the asset management company
Grupo Mutua is making headway to gain ground in large asset management. The company led by Ignacio Garralda has reached an agreement to buy from Alantra Partners the 24.4% it held in Alantra Wealth Management for 16.6 million euros, according to the statement Alantra sent to the CNMV.
The operation comes on top of an initial purchase made at the end of 2018, with Mutua already acquiring 50.01% of the private banking company. In addition, it has also acquired a further 1.8% minority shareholders, bringing its total holding to 76.3% of the capital. The remaining 23.7% of Alantra WM will remain in the hands of the key executives of the team led by Alfonso Gil.
“The excellent results of recent years underline the acquisition by Mutua, which has enabled the development of Alantra WM’s differential asset management and advisory project for large estates,” Ignacio Garralda said in a statement. of mutual.
Since Mutua entered the capital of Alantra WM, the company has practically doubled its revenues and assets under management, which amounted to more than EUR 3,330 million at the end of 2021.
In addition to this operation to strengthen its position in Alantra WM and the 20% it owns in Alantra AM (investment funds), Grupo Mutua has spent many years growing in the financial advisory and asset management segment with other movements, such as the management company EDM with an interest of more than 58% or 40% in Orienta Capital.
Currently, the Mutua Group manages total assets of approximately EUR 19,000 million through Mutuactivos and these companies.
For his part, Santiago Eguidazu, executive president of Alantra, pointed out that “this operation follows Alantra’s strategy of concentrating and continuing to invest in its core business: investment banking; alternative asset management; and the structuring of alternative investment vehicles and institutional distribution».
Source: La Verdad
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