UBP, Banco Popolare In Italian Alts. JV

Mar 31 2008 | 9:02am ET

Swiss private bank Union Bancaire Privée and Banco Popolare are teaming up to build a “full-fledged” alternatives manager in Italy.

UBP and Banco Popolare have set up a 50/50 partnership, with UBP investing in Banco Popolare’s Aletti Gestielle Alternative, a €3.6 billion (US$5.7 billion) fund of hedge funds firm. Banco Popolare will receive a cash consideration for selling the stake, as well as a deferred cash payment.

“The partnership… will create the leading full-fledged alternative asset manager in Italy, through the combination of AGA’s strengths in the private banking and retail business and UBP’s strengths in the private banking and institutional business,” UBP said in a statement.

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