ECONOMY

Piraeus buys out Iolcus investment firm

Piraeus buys out Iolcus investment firm

Piraeus Bank said on Wednesday it agreed to fully acquire investment firm Iolcus for about 10 million euros to boost its fee-generating pools.

Set up in 2011, Iolcus manages the Apolis alternative investment funds and portfolios for private and institutional investors and has €1 billion in assets under management.

“The transaction will further diversify our fee revenue pools and deepen our know-how around the expanding asset management business in Greece,” Piraeus CEO Christos Megalou said. Grant Thornton advised Piraeus Bank on the deal.

[Reuters]