Altus with KNF approval to buy BPH TFI

WSE-listed investment fund Altus TFI received the Financial Supervision Authority (KNF) approval to takeover BPH TFI, the company said in a market filing. "Acquisition of BPH TFI is a fulfillment of our strategy announced at the time of our IPO in 2014. It anticipates active market consolidation by taking over the portfolio of funds and TFIs. Since our IPO, we’ve started managing several funds, and in H1 2015, we’ve acquired TFI SKOK with PLN 1 billion in assets. Now we’re buying several times bigger BPH TFI, which at end-2016 managed assets worth PLN 3.5 billion," said Altus TFI CEO Piotr Osiecki. Back in April, Altus TFI, announced that it has signed a conditional deal to acquire 100 percent stake in BPH TFI investment fund. The deal price was set at PLN 20 million but could change after the due diligence audit.