Clessidra acquires 67% stake in MPS asset management subsidiaries

Clessidra Sgr has closed the acquisition of a majority stake in the asset management subsidiaries of Italian bank Monte dei Paschi di Siena (MPS). The deal was announced in September 2008. The two subsidiaries, Monte dei Paschi Asset Management and AAA Sgr, have around EUR23bn of assets under management and are collectively valued at approximately EUR570m, according to MPS. The deal will result in a EUR200m capital gain for the bank.

The two divisions will be transferred into a newco in which Clessidra holds a 67% stake, with the balance of the equity being retained by MPS. It is thought that Clessidra may sell down a portion of its interest to a trade buyer at a later date. This transaction represents the first investment for Clessidra's new fund, Clessidra Capital Partners II.

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