Stronger market position, further expansion and continued customer commitment – these are the expected strategic benefits of an agreement for Generali to acquire 100% stake in Union Investment TFI that has been signed today.
The announced transaction is expected to be concluded in the first half of 2019 and is conditional on formal approval of appropriate regulatory bodies, including the Polish Financial Supervision Authority.
Union Investment TFI is the largest independent asset management company operating in the Polish market since 1995. The company has been growing with an experienced fund management team that has remained stable over the years. Union Investment TFI manages assets over PLN 14bn (€3.3 Bn). The company’s product portfolio consists of 30 investment funds (opened and closed), asset management solutions and pension products such as individual pension accounts and employee pension plans.
Union Investment TFI has been recognized with prestigious industry awards, for years its funds and investment solutions are at the top of specialist rankings.
Generali is an independent, Italian Group, with a strong international presence. It is among the world’s leading insurers and asset managers and it is present in over 50 countries with total premium income exceeding €68 billion in 2017. With over 71,000 employees in the world, and 57 million clients, the Group has a leading position in Western Europe and an increasingly significant presence in the markets of Central and Eastern Europe and in Asia. In Austria, Central and Eastern Europe and Russia the Group operates through its Austria, CEE & Russia Regional Office (Prague) in 12 countries being one of the top three insurers in the region. Generali has been operating in Poland since 1998.
Luciano Cirinà, Austria, CEE & Russia Regional Officer and CEO of Generali CEE Holding B.V., commented: “The Austria, CEE & Russia Region is pressing forward with the development of joint activities that combine insurance and asset management lines. We give our full support to the development of this unique strategic business opportunity in Poland. The company will be supervised by our Regional Office in Prague as part of the Asset Management Line. Thanks to the contribution made by the company’s present team, nothing significant will change for its customers. Going forward, we will be combining the skills and know-how of the Generali Group and the company to offer customers and business partners best-in-class insurance, asset management and financial products and services.”
Union Investment TFI joining Generali will enhance our market position, support our dynamic business growth and continue our ongoing customer commitment.
Alexander Schindler, Member of the Board of Managing Directors, Union Asset Management Holding AG said “Union Investment TFI’s excellent market position and the quality professional reputation of its management team earned over many years allowed us to invite into negotiations only renowned and stable financial institutions. The company is in superb condition. Over twenty years of experience in varying market environment shaped excellent standard of investment process which is reflected in high quality of managed fund portfolios. We are convinced that Generali will provide Union Investment TFI with optimal possibilities of further growth in Poland that will be beneficial for customers, TFI employees and business partners.”
Małgorzata Góra- Dubiela, President of the Board of Union Investment TFI emphasizes that the shareholder changes constitute a unique opportunity to even better serve the customers. “The company will continue with the same professional team, quality product portfolio and business processes. We are looking forward to new opportunities arising from this new strategic partnership with Generali.”