July 19, 2012 / 6:33 PM / 5 years ago

UniCredit to sell Sofipa asset manager

MILAN (Reuters) - UniCredit (CRDI.MI) said on Thursday it was selling a 100 percent stake in Sofipa asset manager, as Italian banks under pressure to boost profitability move to cut non-core assets.

Sofipa has approximately 300 million euros of assets under management, UniCredit said in a statement in which it did not disclose a price for the transaction.

UniCredit said as part of the deal it would invest 50 million euros in a fund launched by the asset manager which is buying Sofipa. The fund will target investments in mid-sized Italian companies.

Reporting by Valentina Za

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