Financial services firm Erste Asset Management has agreed to buy fellow Austria-based company Impact Asset Management (I-AM).
The move, being called a ‘strategic acquisition’, will see the Vienna-based Erste AM take on 100% of I-AM, a move that the firm said in a statement will see it augment its position in ESG and sustainable investment solutions. At the same time, it hopes to expand its presence within the Germany market. The deal is understood to be before regulators for their approval.
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Heinz Bednar, CEO of Erste AM, said: “The acquisition of I-AM is an important step in our strategic direction and allows us to significantly expand our ESG product portfolio. In particular, the microfinance funds and the strong market relationships in Germany will be an excellent complement to our existing offering. This acquisition underlines our commitment to being a leader in sustainable investing and enables us to continue to provide innovative and sustainable financial solutions to our clients.”
According to Erste AM, I-AM currently manages assets of approximately €4.3bn as of August 2024, including €643m in microfinance funds. It added that the management team will be retained and I-AM will continue to be run as a subsidiary of Erste in the interests of successful corporate continuity.
This is the latest piece of positive news for Erste. Last month, it said its AUM has seen an increase of 5.1% since the beginning of the year, totalling €82.2bn at the end of June. The firm said that it had also recorded strong growth in Croatia, where the volume climbed by 45.4% from a comparatively low level, and in Romania with an increase of 15.3%.
Erste also said the company with the highest volume after Erste in Austria (€54.3bn) is the Czech subsidiary with an investment volume of €17.6bn. Mixed funds are Erste’s most-important asset class, accounting for around 40% of total assets, followed by bonds with around 30%, equities with around 23% and real estate with around 6%. The firm also reports that sustainable investments accounted for 27.5% of its AUM at the middle of the year.
