Il managed savings it is definitely a very fashionable garment this year, which cannot be missing from the wardrobes of large financial structures. A few days after the purchase by Soul of 80% of Castello Sgr, now it's the turn of General Bank who went to London to shop and chose Mainstreet Partners, specialized in ESG rating and advisory, of which it bought the 9,8%.
The entry into the share capital takes place following the completion of theacquisition of majority (65%) in Mainstreet Partners itself by the platform WealthTech All Funds, "thus strengthening the partnership of skills and services between the various shareholders" says a note from Banca Generali. The management team, led by the CEO Rodolfo Fracassiwill remain a shareholder of the company with a 25% stake.
With the entry into the capital of Mainstreet Partners "we consolidate the synergies in ESG skills and ensure a privileged place for understand its trends thus guaranteeing our stakeholders always the best solutions and best practices on the market” said the Chief Executive Officer and General Manager of Banca Generali, Gian Maria Mossa. "From an industrial point of view, the operation accelerates the progress of the plan in the sustainability pillar which is an integrated part of our sustainable growth path".
The operation accelerates the target of the strategic plan
The initiative is part of the strategic guidance favoring closer synergies in the analysis and rating of strategies Esg, direct access to the services offered by Allfunds-Mainstreet Partners, acceleration in the target of the three-year strategic plan which aims at 40% ESG products out of the total managed solutions in 2024.
Old friends
Mainstreet Partners has been a partner of Banca Generali since 2019, with which it developed the first platform in Italy that allows clients to select ESG solutions based on their contribution to the UN Sustainable Development Goals. Today "it represents a point of reference in sustainable investment strategies and in ESG scoring for the corporate and fund world", says the note.
"We were among the first in the Italian market to believe in the opportunity of an accurate ESG scoring for portfolios and in the skills of the services offered by Mainstreet Partners to complement our consultancy model” he said again Move. “The analysis of sustainable investments has made enormous progress since the first steps taken together four years ago when we presented our innovative project of a platform profiled on the basis of clients' preferences to the UN's sustainable development goals (SDGs). We are happy to have seen a story of scale ups such as Mainstreet grow to become a point of reference in the sector with the international curtain offered by Allfunds ahead of us”.
Allfunds: in 2022 net profit +16%. Euronext's interest
Allfunds Group, a leading WealthTech B2B platform in the fund industry, today released preliminary 2022 data showing administered masses down 13% from December 2022 to €1.300 trillion, against a 15% decline in industry over the same period. THE Net revenues amounted to 495 million euros, with a decrease of -2,2% year on year, while the EBITDA was equal to 350 million euros (-5,1%), with an adjusted EBITDA margin of 70,8% (72,9% in 2021). L'Net income adjusted increased by 16% compared to financial year 2021 to 224,9 million euros.
“In 2022, a year characterized by extreme turmoil for global markets, Allfunds demonstrated financial resilience, growth and momentum,” he said. Juan Alcaraz, Founder and Chief Executive Officer. “Allfunds' ability to emerge stronger from challenging times is largely driven by our ability to diversify the business in terms of service offering, geographical scope and type of clients, as well as by the clients themselves who expedite the outsourcing of wealth distribution services to third parties. Our customers continue to regard us as a trusted and long-term partner.”
About theoutlook, Allfunds Group says that 2023 will be the year in which the companies acquired (most recently 65% of Mainstreet Partners) will contribute for the full year to the group, impacting the decorrelation from the market, the statement said. Assuming markets remain flat for the remainder of the year, he expects net revenue growth to be in the high single- to low double-digit range, while the Adjusted EBITDA margin after M&A is expected to be in the middle of a between 60% and 70%. In recent days Euronext confirmed the launch of a takeover bid for 100% of Allfunds at €8,75 per share, valuing Allfunds at €5,5 billion.
