Anima Holding

Anima Holding S.p.A. is an Italian asset-management company headquartered in Milan. It operates as the holding and listed-market platform for the Anima Group, whose activities include mutual funds, portfolio management, pension and long-term savings solutions, institutional mandates, and alternative investments. The group serves retail savers, private clients, financial advisers, banks, insurance-related distribution channels, corporations, and institutional investors. The business traces its origins to Sogestim S.p.A., established in 1983. After a change of control and a name change in 1994, the company developed under the Anima name and became associated with Banco di Desio e della Brianza, Banca Popolare di Milano, and later a broader shareholder structure involving private equity and banking investors. Its early public-market history included an initial listing in 2005, a takeover by Banca Popolare di Milano, and delisting in 2009 after the integration of Anima with Bipiemme Gestioni SGR. Following the merger with Prima SGR and the creation of a new holding structure, the group returned to the Borsa Italiana in 2014 as Anima Holding. The relisting raised approximately €692 million, according to contemporary reporting cited in the company’s Wikipedia history. Anima subsequently expanded through acquisitions and strategic partnerships, including Etruria Fund Management Company, Aletti Gestielle, Castello SGR, and Kairos. These transactions broadened its capabilities across traditional asset management, alternative investments, and wealth-management services. Anima’s distribution model has historically relied heavily on banks, financial intermediaries, advisers, and institutional relationships rather than on direct-to-consumer retail branding. Poste Italiane became an important shareholder and commercial partner, while Banco BPM remained a significant banking relationship. In 2025, Banco BPM launched a voluntary tender offer for the shares it did not already own. The offer was priced at €7 per share and was reported at an overall value of approximately €1.55 billion; by early April 2025, Banco BPM’s holding had reached about 90%, giving it control of Anima. The company is positioned as an Italian investment-management platform focused on long-term savings, professionally managed portfolios, retirement provision, and institutional capital. It is not primarily a consumer-goods brand: the Anima name is attached to investment products and financial services delivered through regulated group entities and distribution partners. The company was described in reference material as Italy’s largest independent investment manager before Banco BPM’s acquisition of control. Since February 2026, Saverio Perissinotto has served as Chief Executive Officer and General Manager.

Anima Holding’s history begins with the establishment of Sogestim S.p.A. on 5 July 1983. In September 1994, Alberto Foà and other partners took control of the business and renamed it Anima SGRpA, creating the corporate identity from which the later Anima Group developed. Banco di Desio e della Brianza acquired Anima in 1999. In March 2004, part of the share capital was sold to Koinè, a company controlled by Anima’s management. Anima then completed an initial public offering in October 2005 and became listed on the Borsa Italiana. Banca Popolare di Milano acquired Banco di Desio’s stake in 2007. In 2008, it launched a bid for the remaining Anima shares at €1.45 per share. Following the transaction, Anima was delisted on 3 March 2009. On 28 September of that year, Anima was merged with Bipiemme Gestioni SGR, the savings-management company of Banca Popolare di Milano. The combined business adopted the name Anima SGR S.p.A. The group continued to expand its asset-management platform. In April 2010, Anima acquired Etruria Fund Management Company from Banca Etruria for a reported €6.3 million. In July 2010, it announced plans to combine with rival investment manager Prima SGR. The merger was completed in December 2011, producing a new Anima SGR under the control of AM Holding, later renamed Anima Holding. At that stage, the principal shareholders were reported to include Clessidra, Banca Popolare di Milano, and Banca Monte dei Paschi di Siena. The enlarged business was described as Italy’s largest independent investment-management company, with approximately €34.7 billion in assets under management at the time. Anima prepared a new public offering in 2014. On 16 April 2014, Anima Holding returned to the Borsa Italiana and raised approximately €692 million. The relisting established the modern listed holding-company structure and gave the group a capital-markets profile alongside its operating asset-management subsidiaries. Ownership and partnerships continued to evolve. In April 2015, Poste Italiane agreed to acquire the stake held by MPS in a transaction reported at approximately €215.2 million. In December 2017, Anima and Poste Italiane entered into an agreement to support the development of Poste Italiane’s asset-management activities. Also in 2017, Anima agreed to acquire Aletti Gestielle from Banca Popolare di Milano for a reported €700 million, strengthening its position in Italian investment management. In 2022, ownership of Anima became part of a wider discussion about strategic control of Italian financial institutions and the role of foreign investors. Amundi acquired a stake in Anima in May, while reports described Italian government support for maintaining domestic ownership and encouraging Poste Italiane to increase its position. During the same period, Anima closed its Dublin operations and moved staff back to Milan. The group pursued further diversification in 2023. Fondo Strategico Italiano acquired a reported 9% stake in Anima. Around the same time, Anima agreed to acquire 80% of alternative-investment firm Castello SGR from Oaktree Capital Management for approximately €60 million. In November 2023, Anima agreed to acquire Italian investment manager Kairos from Julius Baer Group for reported consideration of approximately €20–25 million. These transactions expanded the group beyond traditional mutual funds into alternative investments and wealth-management capabilities. Banco BPM announced a voluntary tender offer for Anima in November 2024. The bank stated that it intended to acquire the shares it did not already own, then approximately 22% of Anima’s capital. The offer was launched in March 2025 at €7 per share, for a reported total value of approximately €1.55 billion. By early April 2025, Banco BPM’s stake had reached approximately 90%, giving it control of Anima while Anima remained an active asset-management group. Since February 2026, Saverio Perissinotto has served as Chief Executive Officer and General Manager. The group’s continuing role is to manage and distribute investment products and mandates through banking, advisory, institutional, and professional channels, with Anima Holding providing the listed corporate platform for the wider business.

1. 2025Banco BPM gains control

   Banco BPM’s tender offer results in a holding of approximately 90% by early April, giving the bank control of Anima.

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2. 2023Expansion into alternatives and wealth management

   Anima agrees to acquire majority control of Castello SGR and enters an agreement to acquire Kairos.

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3. 2017Aletti Gestielle acquisition agreed

   Anima agrees to acquire Aletti Gestielle from Banca Popolare di Milano for reported consideration of €700 million.

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4. 2014Anima Holding relists

   Anima Holding returns to the Borsa Italiana on 16 April, raising approximately €692 million.

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5. 2011Prima SGR merger completed

   The merger with Prima SGR is completed and the enlarged business operates under the Anima SGR name.

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6. 2009Delisting and merger with Bipiemme Gestioni

   Anima is delisted on 3 March and later merged with Bipiemme Gestioni SGR.

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7. 2005First Borsa Italiana listing

   Anima completes an initial public offering and becomes listed on the Italian exchange.

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8. 1999Banco di Desio acquires Anima

   Banco di Desio e della Brianza takes control of the asset-management company.

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9. 1994The business adopts the Anima name

   Alberto Foà and other partners take control and rename the company Anima SGRpA.

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10. 1983Sogestim is founded

    The company is established on 5 July 1983 under the name Sogestim S.p.A.

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An Italian investment-management platform serving retail savers, financial intermediaries, banks, advisers, corporations, and institutional investors, with an emphasis on long-term savings and professionally managed investment solutions.

• Mutual fundsCollective investment products

  Anima’s mutual-fund activity provides pooled investment vehicles for retail and institutional investors. The range can include diversified strategies across asset classes, regions, sectors, and risk profiles. Distribution is primarily supported by banks, advisers, and other financial intermediaries, while the specific legal entities and fund mandates depend on the product structure and applicable regulation.

• Discretionary portfolio managementAsset-management services

  The group provides professionally managed portfolios and investment mandates for clients that delegate asset allocation and security selection to an investment manager. These services are relevant to private, corporate, and institutional investors and may be tailored to investment objectives, liquidity requirements, risk limits, and regulatory constraints.

• Pension and long-term savings solutionsRetirement and savings products

  Anima offers or manages solutions connected with retirement provision, long-term saving, and wealth accumulation. These products are intended for investors with multi-year horizons and are commonly distributed through financial institutions and advisers. Product design, tax treatment, guarantees, and investment risk vary by the relevant legal vehicle.

• Institutional mandatesInstitutional investment management

  Institutional asset-management mandates are designed for organizations such as corporations, pension-related entities, financial institutions, and other professional investors. They can involve customized portfolios, reporting requirements, governance arrangements, and risk controls rather than a standardized retail fund structure.

• Alternative investments through Castello SGRAlternative asset management2023

  The agreement to acquire 80% of Castello SGR broadened Anima’s exposure to alternative investment management. Castello SGR is associated with alternative strategies, extending the group’s capabilities beyond traditional mutual funds and conventional portfolio mandates.

• Kairos investment-management and wealth servicesWealth management2023

  The proposed acquisition of Kairos expanded Anima’s presence in Italian investment management and wealth-related services. Kairos adds a specialist platform and client relationships that complement Anima’s broader fund-management and institutional activities.

• 2025Banco BPM takeover offerM&A

  Banco BPM sought full control of Anima after announcing in November 2024 that it would bid for the shares it did not already own.

  What changed. Banco BPM launched a voluntary tender offer in March 2025 at €7 per share.

  Aftermath. Banco BPM’s holding reached approximately 90% by early April 2025, giving it control of Anima.

  Reported total offer value. Banco BPM held approximately 78% before the offer, based on the reported 22% remaining stake → Approximately €1.55 billion offer value; Banco BPM stake approximately 90% (March–April 2025)

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• 2023Expansion through Castello SGR and KairosM&A

  Anima pursued diversification beyond traditional asset management into alternative investments and specialist wealth-management capabilities.

  What changed. Anima agreed to acquire 80% of Castello SGR from Oaktree Capital Management and separately signed an agreement to acquire Kairos from Julius Baer Group.

  Aftermath. The transactions expanded the group’s alternative-investment and wealth-management footprint in Italy.

  Reported transaction consideration. Approximately €60 million for 80% of Castello SGR and approximately €20–25 million for Kairos (November 2023)

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• 2017Acquisition of Aletti GestielleM&A

  Anima sought to increase scale in the Italian investment-management market and deepen its product and distribution capabilities.

  What changed. Anima agreed to acquire rival manager Aletti Gestielle from Banca Popolare di Milano.

  Aftermath. The transaction strengthened Anima’s position among Italian asset managers.

  Reported acquisition consideration. Approximately €700 million (2017)

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• 2014Return to the public marketStrategy

  After the 2009 delisting and the consolidation of Anima’s operating businesses, the group prepared a new listed holding-company structure.

  What changed. Anima Holding completed a Borsa Italiana offering on 16 April 2014 and raised approximately €692 million.

  Aftermath. The transaction restored public-market access and established Anima Holding as the listed platform for the group.

  Capital raised. Approximately €692 million raised (April 2014)

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• 2026Saverio Perissinotto becomes Anima chief executive

  Saverio Perissinotto became Chief Executive Officer and General Manager of Anima Holding.

  Leadership change
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• 2025Banco BPM launches its Anima takeover offer

  Banco BPM launched the announced offer at €7 per share, with a reported overall value of approximately €1.55 billion. Its stake reached about 90% by early April, giving Banco BPM control of Anima.

  M&A
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• 2024Banco BPM announces a takeover bid for Anima Holding

  Banco BPM announced plans for a voluntary tender offer for the Anima shares it did not already own, representing approximately 22% at the time of the announcement.

  M&A
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• 2023Fondo Strategico Italiano acquires a stake in Anima

  Private-equity investor Fondo Strategico Italiano acquired a reported 9% stake in Anima.

  M&A
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• 2023Anima agrees to acquire a majority stake in Castello SGR

  Anima agreed to acquire 80% of alternative-investment firm Castello SGR from Oaktree Capital Management for a reported €60 million.

  M&A
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• 2023Anima agrees to acquire Kairos from Julius Baer

  Anima signed an agreement to acquire Italian investment manager Kairos from Julius Baer Group. The consideration was reported at approximately €20–25 million.

  M&A
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• 2022Anima closes Dublin operations and returns staff to Milan

  Anima closed its operations in Dublin and relocated affected staff to Milan amid reported discussion about foreign expansion and ownership of the group.

  Other
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• 2017Anima and Poste Italiane agree to develop asset-management activities

  Anima and Poste Italiane signed an agreement intended to support the development of Poste Italiane’s asset-management activities.

  Other
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• 2017Anima agrees to acquire Aletti Gestielle

  Anima agreed to acquire rival investment manager Aletti Gestielle from Banca Popolare di Milano for a reported €700 million.

  M&A
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• 2015Poste Italiane agrees to acquire MPS's stake in Anima

  Poste Italiane announced an agreement to purchase Banca Monte dei Paschi di Siena’s stake in Anima in a transaction reported at approximately €215.2 million.

  M&A
  Source
• 2014Anima returns to the Borsa Italiana through a new holding-company listing

  Anima Holding completed its relisting on the Borsa Italiana, raising approximately €692 million in the offering.

  Other
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1. Anima Holding