Mutual Group and EDM have reached an agreement whereby the insurance company will acquire 30% of the capital of EDM, one of the leading independent fund managers in Spain, with more than 3,700 million euros in assets under management and with offices in Barcelona, Madrid, Luxembourg and Mexico City. The operation, which has already been approved by the respective boards of directors and is estimated to materialize in the first quarter of 2019, once the authorizations of the competent bodies have been obtained, also contemplates the option for Mutua Madrileña to acquire 21% additional at the end of 2019, thus reaching 51%.
EDM is one of the main boutiques of independent investment in Spain and has an important penetration in Catalonia, where it maintains a leading position. The firm will maintain its current independence in management. The company will continue to have Eusebio Díaz-Morera as president and Antoni Nuesnell as CEO.
This operation is part of the Mutual Group's 2018-2020 Strategic Plan: to grow in the asset management and advisory business and to strengthen Mutuactivos as the first independent fund manager in Spain. In addition, the entry into the capital of EDM provides Grupo Mutua with an important boost in the market of Catalonia.
This maneuver adds to the recent acquisition and takeover by Mutua Madrileña of 50.01% of Alantra Wealth Management, specialized in private banking, which has more than 1,800 million euros in managed assets. Thus, Grupo Mutua reinforces its leading role in the process of concentration that this sector is expected to experience in Spain.
For Ignacio Garralda, president of Grupo Mutua, "the purchase confirms Mutua Madrileña's commitment to asset management and the promotion of investment fund business, with the aim of being the independent reference company in asset management and advice" .
On the other hand, Eusebio Díaz-Morera, president of EDM, indicates that "the agreement reached with Grupo Mutua allows us to have the support of a leading partner, with whom we will advance in our growth plan without deviating from our investment philosophy and of advice, based on the creation of value for our clients ".
Since its birth in Barcelona in 1989, EDM has maintained an uninterrupted rate of growth of assets under management, which exceeded 3,700 million euros at the end of 2017. It has a portfolio of 2,239 clients and manages 13 funds and two pension plans . Since 2011 EDM has a presence in Mexico City, where coverage is provided to private and institutional clients in Mexico, Chile, Peru and Colombia, with a solid commercial team and advising two local funds, AXESEDM (European variable income) and VALMXES ( Spanish variable income). Its EDM Inversión fund, for its part, stands out as one of the equity funds with the best performance in the last 10 years.
Mutuactivos, for its part, manages a wealth of over 6,600 million euros through 32 investment funds, 23 pension plans (seven of the individual system and 16 of the employment system) and various savings insurance. The manager of the Mutua Group specializes in fixed income and variable income, a category in which it has Mutuafondo Spain, the Spanish equity fund that has the best performance in the Spanish market in 2018.
The entry into the capital of EDM allows Grupo Mutua to reinforce the geographical and product diversification strategy established by Mutua Madrileña and further develops its asset management business. In the last ten years, it has increased its volume of assets managed by more than 150% thanks, above all, to its active management and quality, with a strategy focused on diversification and risk control.