BlackRock seeking 30% stake in Intesa’s asset management unit?
The source said BlackRock sees the deal as a strategic stake acquisition rather than a passive investment. BlackRock and Intesa declined to comment.
Intesa has been working with UBS to review strategic options for Eurizon for several months, the sources said. The Italian lender wants to retain control of the unit, which has 315 billion euros in assets under management and operates in Italy as well as Eastern Europe and Asia.
The head of Intesa, Carlo Messina announced several months ago that the company aimed to strike an asset management partnership and that it made sense to act quickly and reach an accord this year.
Intesa is targeting 10 billion euros in fees in 2021, accounting for 48% of its total operating income, up from 45% in 2017.
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