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Swiss Life/Rentenanstalt realises gains of CHF 554 millions from the sale of participations


Swiss Life/Rentenanstalt sold on Thursday a 23.5% share in RMF Investment Group to MAN Group. This transaction is part of a general reorganisation of the insurer’s hedge fund activities. From the proceeds of the sale, as well as a reduction of its SGS stake, Swiss Life/Rentenanstalt will realise a gain of around CHF 554 millions.
Swiss Life/Rentenanstalt had already announced at the beginning of May 2002 its intention to sell its stake in Swiss Life Hedge Fund Partners to RMF Group, in a move to rationalise its hedge fund and leveraged finance activities. Separately, RMF Group announced on Thursday a merger with British company MAN Group. As part of this transaction, Swiss Life/Rentenanstalt sold its 23.5% stake in RMF to MAN Group. From the sale of its hedge fund participations, Swiss Life/Rentenanstalt will realise a gain of CHF 329.6 millions.

As part of its strategy to reduce the equity portion of its investment portfolio, further decreasing its exposure to equity market volatility, Swiss Life/Rentenanstalt has reduced its stake in Société Générale de Surveillance, SGS from 16% to below 5%. The resulting sale of shares will enable Swiss Life/Rentenanstalt to realise a gain of CHF 224 millions.