Trea Asset Management has emerged as the surprise winner in the bidding war for Novo Banco Gestión, overtaking Gala Capital in a dramatic last-minute twist. The Portuguese bank’s board officially selected Trea as the buyer, with the announcement being communicated today to all parties involved, including other finalists like Tressis. Until recently, Gala Capital—through its asset management arm, Beka—had been the frontrunner. However, in the final stages of the auction, Trea made a late entry and ultimately secured the acquisition.
The sale, which began in March with the advisory support of Haitong Capital, saw Santalucía drop out after submitting a low offer. Trea stepped in and reportedly outbid Gala, whose offer was estimated between €15 and €20 million. The transaction is still pending approval by the Spanish financial regulator, CNMV.
With this acquisition, Trea adds €705 million in assets to its portfolio—€510 million in mutual funds, €145 million in SICAVs, and €49 million in pension plans as of June—bringing its total assets under management to nearly €5.8 billion. This milestone places Trea in a technical tie with Mutuactivos (Mutua Madrileña’s asset manager) for the 10th spot among Spain’s largest asset managers.
Trea, recently rebranded as TR3A Asset Management, has built a strong reputation in institutional fund management and white-label solutions. It currently manages funds for institutions such as Banco Mediolanum and Cajamar. The firm also won the bid for Banco Madrid Gestión de Activos in 2016 after the intervention of Banca Privada d’Andorra (BPA), though it later lost that business following the merger of BMN and Bankia. Nevertheless, Trea was compensated and continues to advise Bankia on a corporate fixed-income fund.
With the acquisition of Novo Banco Gestión, Trea strengthens its strategic position in the Spanish asset management market and continues to expand its institutional footprint.
