The future of Arca sgr depends on the choices of the Atlante fund, managed by Quaestio Capital Management sgr, the new controlling entity of two of the main shareholders of Arca, who are Banca Popolare di Vicenza and Veneto Banca (as the result of a one billion euros capital increase which closed last Friday June 24 ).
Together the two banks own about 40% of Arca’s capital. For this reason the sale process, managed by the advisors Rothschild and Mediobanca, has suffered a new setback (see here a previous post by BeBeez) and will be resumed next fall, MF Milano Finanza wrotea few days ago.
The newspaper added that before the capital increases, Popolare Vicenza and Veneto Banca declared their intention to sell their shares of the sgr to strengthen their capital ratios. But things could change, after Atlante fund has subscribed the capital increase operations in both the banks (Veneto Banca’s capital increase was subscribed just by a very small minority of the old shareholders and Atlante fund had guaranteed it would subscribe all the remaining shares, with the payment date fixed next Friday).
Atlante and the other private equity funds to which it may decide to syndicate part of the interest held in Popolare Vicenza (see here a previous post by BeBeez) and probably also in Veneto Banca, may decide that the asset management is however one area where the two banks must maintain a major presence.
Chaired by Guido Cammarano and led by ceo Ugo Loser, Arca sgr raised interest from many potential investors last Fall (see here a previous post by BeBeez), Two of them are US Private equity firms Atlas Merchant Capital and Centerbridge, one is French private equity Ardian while other two expression of interests came from asset Italian Stock Exchange-listed asset manager Anima sgr and French asset manager Amundi.
However the project had then suffered a first setback following the decision of the shareholder banks to hire advisors in January giving them the mandate to analyze the various enhancement options of asset management companies. The new report had been submitted to the shareholder banks in late March.
Since last December 22nd 2015 Bper bank (Banca Popolare dell’Emilia Romagna) is the major shareholder in Arca sgr’s capital, having raised its stake from 19.99% to 32.752% after having bought part of the 19.99% stake previously owned by Banco Popolare. At the same time Banca Popolare di Sondrio increased its stake from 12.9% to 21.13%, having acquired the ramaining stake from Banco Popolare. Other shareholders are Banca Popolare di Vicenza and Veneto Banca with 19.99% each.