Geneva-based REYL Group has sold the majority of its stake in RAM Active Investments to Italian banking group Mediobanca.
The strategic agreement will see Milan-based Mediobanca take a 69% interest in the Geneva asset manager, which currently manages CHF 4.9 billion (€4.22 billion) across 14 funds.
REYL will retain a 7.5% stake and will continue to be an anchor investor in RAM's products.
As part of the deal, Mediobanca has set out ambitious growth targets for RAM AI, which includes being involved in Mediobanca’s target of raising its current €30 billion in assets under management and assets under advisory by 15%.
The transaction, which is still subject to regulatory approval, is expected to be completed in the first half of 2018.