Finance and Insurance
N.D.
France FR
Italy IT

Scope of intervention

Sycomore Corporate Finance acted as exclusive financial advisor to Sycomore Asset Management on its strategic partnership with Assicurazioni Generali S.p.A.

Date of closing

On going

Sycomore Asset Management, a key player in sustainable investments in France, has entered into a strategic partnership with Generali, one of the largest insurance companies in the world.

Under the terms of the partnership, Generali will acquire a majority stake into SAM while enabling SAM’s founders to remain significant shareholders and its employees to increase their ownership in the Company. In this context, SAM’s founders would continue to run the strategy and operations of the firm independently, with the same entrepreneurial mindset that has driven innovation and performance since its foundation in 2001.

 

Rationale

  • Support Generali’s expansion strategy of its asset management unit in Europe with the objective to create the largest European multi-boutique insurance asset management platform
  • Offer substantial potential for revenues synergies
  • Broaden Generali’s products offering to third parties and international clients thanks to SAM’s distinctive investment strategies focused on Socially Responsible Investments (“SRI”)
  • Provide SAM with the most suitable partner able to support its strategy to become a leading European asset manager focused on SRI

Sycomore Asset Management at a glance

Headquartered in Paris, SAM is a leading independent asset manager with over €8.3 billion Assets under Management as of July 2018. SAM is an undisputed pioneer in the ESG / SRI segment in France (Europe’s largest market for ESG / SRI investment solutions), and has become over time a true reference player in this area.

Since its foundation, SAM’s mission has been to deliver sustainable performance, notably by identifying companies’ levers for long-term value creation. SAM’s expertise is driven by a field-approach and a proprietary fundamental research methodology including financial and extra-financial criteria.

Since inception, SAM has recorded a significant track-record of growth and profitability with +11% of net revenues CAGR over the period 2008 – 2017 and cost to income ratio below 50% on average over the past 10 years. In 2017, the Company recorded revenues and EBITDA of €46m and €44m, respectively.

Generali at a glance

Established in 1831, Generali is an independent, Italian insurance group, with a strong international presence. It is among the world’s leading insurers and is present in over 60 countries with total premium income exceeding €68 billion in 2017. With nearly 71,000 employees in the world and 57 million customers, Generali is a major player in Western Europe and has an increasingly significant presence in Central and Eastern Europe as well as in Asia.

Over the recent years, Generali’s investment strategy have been focusing on sustainable and responsible investing as a key growth lever. Generali’s “Ethical Filter”, which excludes investment opportunities with issuers following poor ESG practices, has been in place since 2006 and covers nearly €350bn in direct investments.  Generali has also developed proprietary SRI screening methodology, which currently underpins the management of over €35bn assets.