Erste Asset Management GmbH (Erste AM) has signed a purchase agreement to acquire 100% of the shares in Impact Asset Management GmbH (I-AM), a Vienna-based investment firm.
The asset manager with a strong position in Central and Eastern Europe. is backed by Erste Group Bank AG and operates in several countries like Austria, Germany, Croatia and Romania. The deal, currently awaiting regulatory approval, sees Erste AM acquiring the majority stake from Cubic (London) Ltd.
The acquisition is part of Erste AM’s strategy to enhance its position as a leading provider of ESG and sustainable investment solutions while expanding its reach in the German market.
By integrating I-AM’s operations, Erste AM aims to diversify its offerings, particularly in microfinance, and leverage I-AM’s strong relationships in the German market.
“The acquisition of I-AM is an important step in our strategic direction and enables us to expand our ESG product portfolio significantly. In particular, the microfinance funds and the strong market relationships in Germany will complement our range of products and services outstandingly,” said Heinz Bednar, CEO of Erste AM.
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I-AM, managing EUR 4.3 billion in assets as of August 2024, including EUR 643 million in microfinance funds, is recognised for its sustainable, impact-focused investment strategies and has earned top ratings for its ESG initiatives. After the acquisition, I-AM will continue as a subsidiary of Erste AM, with its management team remaining in place to ensure continuity.
Günther Kastner, founder and CIO of Impact Asset Management, said: “We look forward to bringing I-AM’s expertise and successful strategies to the Erste AM Group and to thus being able to offer our clients an even more comprehensive range of sustainable investment solutions.”
The acquisition was facilitated with the support of CMS Reich-Rohrwig Hainz Rechtsanwälte, PwC PricewaterhouseCoopers, and Alantra with DC Advisory on the M&A front. Cubic (London) Ltd., focusing on alternative and quantitative strategies, received legal counsel from Schönherr Rechtsanwälte.
