20/04/2011
MLP acquires the remainder of Feri
In an interview with the Frankfurter Allgemeine Zeitung, Uwe Schroeder-Wildberg, chairman of the managing board at MLP, announced that as of Friday, the German financial services provider has taken all capital of the wealth management firm Feri, in which it had initially acquired a 63% stake, “on its books.” Assets at MLP now total over EUR20bn. For the ratings arm of Feri, Feri EuroRatings Services, the head of MLP says he is open to cooperation.Schroeder-Wildberg says the EUR110m in total spent to acquire Feri were justified by the prospects and stability of the wealth management activity, even though Feri earned operating profits in 2010 of only EUR4m. Feri will continue to operate independently, and may be reinforced with other acquisitions if necessary. MLP still has EUR150m in cash to spend on such an acquisition, even after its acquisition of Feri.
