TRANSACTION SUMMARY

On 23 November 2017, RAM AI, one of Europe’s leading systematic investment managers based in Geneva with CHF4.9bn of AUM, announced that it had entered into a long-term strategic partnership with Mediobanca, the Italian listed diversified banking group, pursuant to which the latter will acquire a 69% stake in RAM AI.

The transaction is expected to bring several benefits, including a reinforced institutional framework, a long-term seeding commitment from Mediobanca to funds managed by RAM AI that will help foster innovation and research, and an improved distribution network across Europe. Under the terms of the strategic partnership, RAM AI will maintain its organizational and operational independence, with the founding partners retaining significant stakes in RAM AI and remaining committed to its development for a minimum period of ten years. Each partner will also reinvest a meaningful part of their proceeds in RAM AI’s funds. As the historical seeder and institutional shareholder of RAM AI, the REYL Group will also retain a 7.5% stake in the Company and will continue to operate as a preferred partner and anchor investor in the RAM AI’s products.

RAM ACTIVE INVESTMENTS

RAM AI is an active and alternative asset manager which offers a range of fundamental systematic equity (“RAM Systematic Funds”) and discretionary fixed-income (“RAM Tactical Funds”) funds to a wide array of institutional and professional investors. The company has CHF4.9bn of AUM, of which CHF4.6bn is deployed in systematic funds, and run-rate management fees of CHF45m with a solid performance fee contribution and high double digit recurring net income. RAM AI is headquartered in Geneva with additional offices in Zurich and Luxembourg.

MEDIOBANCA

Mediobanca is a listed diversified banking group. In addition to being the leading Italian investment bank, covering operations in lending, advisory and capital market services with a strong footprint in Southern Europe, Mediobanca Group is a major player in Italian consumer credit as well as a fast growing wealth manager serving both Affluent & Premier and Private & HNWI clients.

ROLE

Spencer House Partners acted as sole financial adviser to RAM Active Investments.