First broker to buy an asset manager

Romanian brokerage house Intercapital Invest agreed to buy 99.99% shares in Investica Asset Management held by UDMR senator Verestoy Attila. The deal is a premiere for the local capital market as it is the first broker to buy an asset management company, as part of broker’s continuing trend of consolidation in the fund management business.

The deal would extend Intercapital’s range of products and financial services, valuing the company’s previous experience in investment fund’s analysis by creating common projects with asset management firms and by the publication of Mutual Fund Index, the only instrument that gauges the performance of open-end investment funds in Romania.

“The acquisition of Investica is an important step in the development of our company. The deal would bring us closer to the creation of an integrated group of brokerage and asset management services providers, under Intercapital Invest clout. I am glad we will have the opportunity to offer new and interesting products to our customers while using the expertise and notoriety of Investica in line with Intercapital’s innovation-oriented strategy”, said Razvan Pasol (photo), chief executive of Intercapital Invest.

The deal would bring the brokerage house 99.99% of Investica Asset Management’s equity that has two funds under custody: Investica Altius, open-end fund and Infinity closed-end fund.

The company said Leonard Visan would remain the chief executive of the asset manager.

“The investment of Intercapital Invest joins Investica Asset Management with one of the largest independent brokerage firms in Romania. The notoriety it enjoys, the access to one of the largest customer base in the market as well as the infrastructure are the ingredients Investica needs to develop its business approach”, said Leonard Visan, chief executive of Investica Asset Management.

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