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Laxman Pai, Opalesque Asia:

British hedge fund manager Man Group agreed to acquire a 51% stake in ESG boutique money manager Asteria, which is based in Geneva as its current owner Intesa Sanpaolo SpA seeks to expand the unit's offering of alternative and long-only investment strategies.

Italy's largest lender, through its private banking unit Fideuram - Intesa Sanpaolo Private Banking (F-ISPB) will keep a 49% stake in Asteria.

Terms of the deal, which is expected to be completed by the end of 2023, were not disclosed.

The world's largest publicly traded hedge fund said in a press release that the team at Asteria has a track record of developing innovative solutions for the wealth management space and already has three funds with sustainable investment objectives

According to the release, the partnership will focus on building out the offering, creating a diverse range of technology-enabled alternative and long-only investment strategies, bringing together Man Group's expertise in bespoke portfolio solutions, the strong investment management capabilities of both Man Group and Asteria and F-ISPB's private banking expertise, financial advisor network and client base.

It will also be able to leverage F-ISPB and Man Group's considerable distribution capabilities across Europe, with an initial focus on Italy.

The agreement will not have any impact on F-ISPB's existing partnerships and inhouse product manufacturing capabilities, the statement from the Britis......................

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