ALICO AIG Life, the Greek branch of American Life Insurance Company, and EFG Eurobank Ergasias, both shareholders of ALICO – Eurobank Mutual Fund Management Company, have agreed that ALICO AIG Life will acquire the current holding of EFG Eurobank Ergasias in ALICO Eurobank Mutual Fund Management Company. The share transfer will be closed upon obtaining all necessary regulatory consents.
Under the agreement, the EFG Eurobank Ergasias Group will undertake full management of the Eurobank Short Term Money Market Fund and the ALICO Eurobank Greek Money Market Fund, while ALICO Eurobank Mutual Fund Management Company, which will be renamed ALICO AIG Mutual Fund Management Company, will maintain the management of the following ALICO Eurobank mutual funds: Money Market, Greek Fixed Income, Dollar Bond, International Bond and International Balanced, as well as the ALICO mutual funds: Global Equity, Greek Money Market, Global Equity Technology, Greek Balanced and Medium & Small Cap Greek Equity. The ALICO Eurobank Greek Equity Mutual Fund will be split into two mirror funds, according to procedures provided for by Greek law, in such a manner that EFG Eurobank Ergasias Group’s mutual fund management company will undertake the management of the funds that correspond to the clients of its network. The assets corresponding to the clients of the remaining networks will continue to be managed by the ALICO AIG Mutual Fund Management Company. It should be noted that unit-holders will not have to take any particular action themselves, and will be kept informed though press announcements to be published during various stages of the procedures, following approval by the Capital Markets Commission. The decision of EFG Eurobank Ergasias to transfer its holding originates from its change of strategy in the Mutual Funds sector, as it intends to concentrate its relevant activities in EFG Mutual Fund Management Company, a member of its Group. The acquisition of EFG Eurobank Ergasias’ shareholding confirms the interest of ALICO AIG Life and its parent company American International Group, Inc. in the Greek market, and indicates their faith in the prospects for this market.
EFG Eurobank Ergasias and ALICO AIG Life continue their cooperation in all other joint business initiatives.