The European Commission Friday cleared U.S.-based investment and asset management firm Fortress Investment Group (FIG) and Italian financial conglomerate Unicredit Group (UCG.MI) to take joint control of Italian asset management company Torre SpA.

Torre was previously solely owned by Fortress. It specializes in the creation and management of real estate financial products in Italy.

-By Peppi Kiviniemi, Dow Jones Newswires; +32 (0)2 741 1483; peppi.kiviniemi@dowjones.com