SGR Pramerica officially and 100% becomes part of the Intesa Sanpaolo group. The operation was closed through the purchase, by Ubi Banca, of the 35% of Pramerica which was still in the hands of Prudential Financial: now the investment of the Lombard bank, integrated into Intesa Sanpaolo from this year, is 100%. Prudential had acquired the minority stake in Pramerica SGR in 2002 and, in 2020 as we all remember, Intesa Sanpaolo had in turn completed a public purchase and exchange offer on Ubi Banca, the majority shareholder of Pramerica SGR. “The operation supports the Intesa Sanpaolo Group's objective of becoming a Wealth Management and Protection company at a European level and confirms the business model based on the possession of its own product factories”, explains a press release issued by the bank led by Carlo Messina.
Through its subsidiary Eurizon, Intesa Sanpaolo is already involved in the asset management sector in Italy and already operates in numerous international markets (Luxembourg, United Kingdom, Spain, France, Germany, Switzerland, Eastern Europe, Hong Kong and mainland China) , with a range of asset management products and services for retail, private and institutional clients. “With this acquisition we achieve a further step in the integration of UBI Banca into Intesa Sanpaolo“, also recalls the note. The Assets Under Management of Pramerica SGR at 31 December 2020 amounted to 68.087 million euros (compared to 65.201 million euros at 31 December 2019), with net inflows over the twelve months of 614 million euros. Consolidated net income for the year 2020 was €137 million (2019: €98 million) and fees were €242 million (2019: €185 million).
