Enabled by recent regulatory changes, which facilitate the passporting of funds across Europe, the merger is effective from the start of June 2016.
Asset management hub
Santo Borsellino, chief executive of Generali Investments, 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.”
GID was an asset management company belonging to Italian insurer Generali Group, operating in Germany and acting as the management company for third-party and Generali Group insurance portfolios.
As of year-end 2015, GID consisted of 47 professionals and approximately €33bn (£25.8bn, $37.5bn) of total assets under management.
For most of GID’s assets under management Generali Investments acted as the delegated investment manager.
Furthermore, most of the firm's AUM consisted of German Spezialfonds (AIF) and mandates set up for the benefit of Generali Group insurance companies.
Uctis and AIFMD
According to Generali Investments, it is one of the first players in the European asset management industry to simultaneously apply the passporting procedures as per the recently introduced Ucits and alternative investment fund managers’ directive (AIFMD) EU directives.
As a result, Generali Investments will offer its German clients, and manage, a comprehensive range of investment solutions including Ucits and AIFMD-compliant Germany-domiciled investment funds, such as the Spezialfonds, previously administered by GID as a Germany-based asset management company.
International and Worldwide
The amalgamation of GID with Generali Investments is the latest move by the Italian insurer to streamline its operations.
In December 2015, Generali International ceased to exist as an entity when it was merged with Generali Worldwide. For more information, read International Adviser’s interview with Generali Worldwide’s chief commercial officer Nick Griffin.