Cardano Group agreed to acquire Dutch sustainable investment manager ACTIAM, a spokeswoman confirmed.
Terms of the deal were not disclosed. The acquisition increases Cardano’s assets under management to £50 billion ($68.7 billion) and its headcount to 500 employees.
ACTIAM will add more than €21.5 billion ($24.9 billion) in assets under management and broaden Cardano’s ESG advisory capabilities as well as its active and passive equity and fixed-income offerings, the firm said in a news release Thursday.
The purchase from Dutch insurance and reinsurance group Athora Netherlands is expected to close in the first quarter of 2022 and is subject to regulatory approvals.
As part of the transaction, Cardano will enter into a long-term strategic partnership to manage Athora’s £13 billion in assets for 10 years.
Cardano and ACTIAM will remain independent legal entities but their operations will be integrated.
When the acquisition closes, Harold Naus, currently CEO for Cardano Risk Management and chief financial risk officer of Cardano Group, will become CEO of ACTIAM, reporting to Cardano Group CEO Mickey De Lathauwer.
“As we start to work with our new colleagues, we look forward to introducing our pension fund and investment clients in the Netherlands and the U.K. to our broadened advisory and asset management proposition with ESG at its heart,”Mr. De Lathauwer said in the release.
Jan de Pooter, CEO of Athora Netherlands, added in the release: “We are pleased to have agreed on a 10-year partnership. In Cardano we see the ideal new owner for ACTIAM as we can leverage on the combined knowledge in the field of pensions, it will enhance the service and product offering to our customers and it is an excellent new home for the employees of ACTIAM.”
Cardano has more than £300 billion in assets under advisement.