MILAN (Reuters) - Italian asset manager Anima Holding (ANIM.MI) is looking at rivals Arca and Aletti Gestielle for possible M&A deals, the group’s Chief Executive Marco Carreri told Reuters on Friday.
“We remain focused on those groups that have a business model similar to ours,” Carreri said.
Aletti Gestielle is owned by lender Banco Popolare BAPO.MI, which has recently agreed a merger plan with Banca Popolare di Milano PMII.MI.
The tie-up between the two lenders could trigger disposals as they move to integrate their operations.
Arca’s main shareholders are Italian cooperative banks, including Veneto Banca IPO-VENE.MI and Banca Popolare di Vicenza (IPO-BPVS.MI), and Banca Popolare di Milano, which owns a 16.8 percent stake.
Carreri indicated that negotiations with one potential target could start as early as next autumn.
He also said the group had revised its estimates for this year’s net inflows to 5 billion euros ($5.6 billion), down from a previous 6-6.5 billion euros, bogged down by its retail clients.
In the first semester of the year Anima’s net profit almost halved compared to last year‘s, with brokerage margins also falling year-on-year.
Reporting by Maria Pia Quaglia; writing by Giulia Segreti; editing by Francesca Landini