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