Trio of companies seek Novo Banco's AM arm acquisition
According to Spanish trade newspaper El Confidencial, three financial entities are battling to purchase the asset management arm of Portuguese bank Novo Banco, owned by Lone Star.
Lone Star is currently negotiating with insurer Santalucia and broker Tressis, which both have asset management branches (Santalucia AM and Tressis Gestion), as well as with the venture capital fund Gala Capital through its subsidiary Beka Finance.
The negotiations for the sale of Novo Banco to close over the next two or three weeks for an expected amount of €15m-€20m, El Confidencial reports. AuM of Novo Banco's asset management arm reach €900m, including €500m in funds, €250m in Sicavs, €75m in pension plans and €75m in discretionary portfolio management.