July 25, 2018 / 8:47 AM / a year ago

Asset manager Tages to take stake in private equity group VAM

LONDON (Reuters) - Alternative asset manager Tages Group said on Wednesday it was taking a stake in private equity group VAM Investments in a deal that gives it an option to buy the entire company within three years.

Under the deal, Tages will take a 34 percent stake in VAM while Tages shareholder Francesco Trapani will buy a 15 percent holding and become executive chairman of VAM, Tages said in a statement.

Tages has the option to increase its stake to up to 100 percent. VAM shareholders and managing partners, Marco Piana and Giuliano Palazzo, also have an option become Tages shareholders, it said.

Tages, which manages 47 billion euros (£41.76 billion) in assets, said the deal was part of a plan to expand its product offering. It already offers hedge fund, infrastructure and distressed credit investments.

Reporting by Simon Jessop; editing by Kirstin Ridley

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